USD uncertainty follows mid-term elections

Russell Shor, CFTe, MFTA FXCM

The above chart shows daily price action. The USDOLLAR has charted a higher trough followed by a higher peak. This is a defined uptrend. The question is if the buck is charting another higher trough in the series or a new lower trough to break the trend? If the USDOLLAR drops below the red horizontal it will chart a lower trough, effectively negating the uptrend as per peak and trough analysis. Yesterday’s candle is a spinning top – a day of indecision. This is likely due to market participants assessing the results of the US mid-term elections.

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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