Blake Morrow’s Chart of The Day – August 20th 2021
The US Dollar closed in breakout territory today, challenging levels not seen since the end of 2020. RSI is rising and not overbought which suggests if this breakout can hold (by the end of the week) we could be set to attack the 94.50 level in the coming weeks. The confluence of levels there are the long term 50% retracement of the March 2020 highs to January 2021 lows, also the post Covid lockdown lows in March 2020. The highs set in September 2020 are just above at 94.74. The 200 period weekly SMA is there as well. This is big and significant resistance on rallies in the weeks ahead on a US Dollar breakout.