Free Trial

TECHS: Bullish USD Candle Patterns

DOLLAR

Yesterday USD bounce highlights some important technical bullish signals that suggest we may see further dollar strength unfold near-term.

  • In EURUSD, a bearish engulfing reversal candle pattern marks yesterday's price action and is reinforced by a clear (bearish) divergence condition between price and momentum. Levels to watch are:
    • Key resistance at 1.1966, Aug 18 high
    • Key support at 1.1711, Aug 12 low
  • The set-up is the same in Cable with yesterday's pattern also a bearish engulfing. Levels to watch are:
    • Key resistance at 1.3267, yesterday's high
    • Key support at 1.3005, Aug 12 low
  • USDJPY bounced yesterday defining support at 105.10 ahead of the 104.19 major support, Jul 31 low
    • A recovery would open resistance at 107.05, Aug 13 high.
    • Weakness below 105.10 would be bearish.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.