USD is contending with overhead resistance

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. The USD is in a markup phase as per its bullish EMAs. The green 5-day EMA is above the orange 13-day EMA, and the orange 13-day EMA is above the black 34-day EMA. Moreover the RSI(9) is above 50 and indicative of an underlying bullish momentum. However, the USD is contending with overhead resistance as per the red shaded horizontal. The longer the RSI(9) stays above 50, the greater the chance that the USD will overcome this resistance.

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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