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USDTHB Double Top Reversal Threat

EMERGING MARKETS
  • USDTHB is trading lower this week.
  • Attention is on the base of a broad triangle, at 32.928, that was cleared Wednesday. The triangle base marked a key near-term support and the clear breach of it has strengthened the case for bears.
  • This has opened 32.565, the Nov 18 low. Note that this level also represents the midpoint of a potential double top reversal pattern.
  • A break would highlight a more significant reversal and open 32.215 initially, the Aug 31 2021 low.
  • Key short-term resistance has been defined at 33.467, Jan 31 high. Initial firm resistance is seen at 33.0654 the 20-day EMA.

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