The U.S. Dollar Tests 78.00

If you’re wondering what’s been going on the in the U.S. Dollar look no further than the five minute chart. Now this time is certainly not going to give you an idea of what the overall direction of the Dollar has been as far as battles at key intraday support and resistance levels, the very short term chart can really show you the detail.

As the dollar was gaining some strength, it looked like buyers are looking to trade through the 38.2% Fibonacci level. But remember a pierce doesn’t mean that the level is now going to be support. In fact here’s a current look at support and resistance on the five minute chart.

Remember that London is now closed and we’re in the doldrum hours…