USDOLLAR Faces a Huge Test at Range Highs
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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“After flirting with the line that extends off of the 2011 and 2012 lows for 3 weeks, the USDOLLAR found legs. The bullish outside month in July is a good way for long term USD strength to resume.”
-“A double bottom with the October 2013 and July 2014 lows in USDOLLAR was confirmed on the push above 10756. The pattern’s objective is 11142 and the high last week was 11143! Extreme momentum and sentiment gives scope to a period of weakness in order to reset the market for its next advance.” Daily RSI has moderated enough to reset the market for another push higher.
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