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USDOLLAR Resistance Defined by Channel and former Support

By , Sr. Technical Strategist
02 May 2012 18:26 GMT

240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Resistance Defined by Channel and former Support

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) drop below the trendline that extends off of the October and February lows shifts focus to the trendline that extends off of the August and October lows. That line is at about 9720 this week. Former support is now resistance around the 9900 area and is reinforced by channel and trendline resistance.

Ideas:

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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02 May 2012 18:26 GMT