US Dollar Breaks 5-Year High!

In last week’s post, I highlighted that the US Dollar was being held at a major
resistance level and was preventing price from climbing any higher. So far this
week, price has broken through.

Closing prices are more critical than intraday movement, so although price is
above resistance, it does not mean it will stay above it at the end of the business day.

This resistance has held strong for over five years, so it will take a lot of momentum
from the buyers to keep price above resistance at $103.

The resistance level is actually the high of a large area of consolidation, with the
support low at $90. Following a breakout of the high, we need to see a pattern of
higher highs to confirm that a trend is forming. This will reduce the likelihood of
price returning into the consolidation zone.

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