USDX Daily Consolidation

We spoke about the aggressive sell off that saw USDX back below Trump’s election win level on the blog, exactly a month ago today.

With both our long USD short term day trades failing to bounce off intraday support/resistance last week, all eyes turn back to the USDX chart for clues. Let’s take another look at the Buck:

USDX Daily:
Click on chart to see a larger view.

The major trend line break has followed through, but this last month of daily candles has see price consolidate. I’ll leave it to you to draw some horizontal levels and make your own decisions on the significance of where this consolidation has decided to happen.

Do you see it as significant enough to look for a USDX turn? Will this then inspire you to be taking shorts on the major forex pairs?

Tweet us your US Dollar opinion to @VantageFX and take advantage of opportunity on a live Vantage FX MT4 account.

Dane Williams – @VantageFX

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Source: Vantage FX Blog