USD falls through support

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. The USDOLLAR’s EMAs are in bullish formation. The green 5-day EMA > the orange 13-day EMA > the black 34-day EMA. The RSI(9) is below the 50 level and may be leading the greenback into a congestion phase (blue rectangle). The USDOLLAR fell through support and is now challenging the black 34-day EMA.

A break through the black 34-day EMA will be regarded as further bearishness. If this happens, it is likely that the green 5-day EMA crosses below the orange 13-day EMA, which will be indicative of a neutral/congestion phase.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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