USDOLLAR Charts Potential Bullish Reference Candle

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the USDOLLAR. Wednesday’s candle looks to be a bullish reference candle (blue arrow). I.e. a candle with higher lows on either side of it. Moreover, yesterday’s candle closed above the high of Wednesday’s candle (green horizontal), giving weight to the bullish reference candle scenario. The RSI(9) has pushed above 50, which may be indicative of a positive underlying momentum (blue rectangle). If price appreciates from here, and to make significant headway, it needs to overcome the resistance area around the 12,275 level (red horizontal).

Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0

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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