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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Tuesday, June 23, 2015

Re-test of 98 in Store for U.S. Dollar?

The U.S. Dollar is back above the major support level of 95 after a brief break below, as shown on the Daily chart (cash index) below. As I mentioned here and here recently, I believe a large move is coming, one way or the other, in currencies. The RSI indicator is back above the 50 level, hinting that bulls are back in charge of $USD.

A re-test of 98 is not out of the realm of possibilities next and will be the first major resistance level that will need to be overcome to convince traders to pile in on this trade...assuming price breaks back (and holds) above the declining 50 MA around 96 immediately above today's (Tuesday's) close...coincidentally, there is a confluence of major resistance at the 96 level -- formed by a Fibonacci fanline and mid-Bollinger Band intersect -- as shown on the next Weekly chart of the U.S. $ Futures Index. Watch for the RSI to stay above the 50 level  (on the cash index) to confirm such a rally...as well, we'll need to see a higher high on the RSI at the 98  price level as a sign of bull conviction for any sustainable move higher.