USDOLLAR Pulls Back To Underlying Support
The below is the daily chart of the USDOLLAR. The greenback is pulling back towards underlying support around the 12,215 level. If this support level holds it may provide the platform needed to launch the USDOLLAR higher. Price may be charting a 1-2-3 pattern where 1-2 was the impulse move up and 2-3 is the current corrective move down. The RSI(9) is above 50 and on the bullish side of the oscillator (blue rectangle). If the indicator stays above 50 than it is likely that support will hold and we may see the next impulse move up. Please note that today is likely to be a slower day due to the observance of President’s Day in the US. The stock market and bond markets will remain closed, which are likely to impact on USDOLLAR flows.
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