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USDOLLAR Pops from Support; 10760 Push Would Improve Conditions

By , Sr. Technical Strategist
21 August 2013 22:35 GMT

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Pops from Support; 10760 Push Would Improve Conditions

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: “The 6/19 close (FOMC day) continues to act as support. Price is just 2 days removed from a multi-month low so it’s premature to call an important turn but price holding support is a good sign. Failure to hold here would shift focus to the March-April tops at 10586 (close to 6/6 close as well).” Today’s advance is a good start for a larger bull move. Exceeding 10760 would break a lower high and increase confidence that a low is in place.

FOREX Trading Strategy: Flat

LEVELS: 10586 10644 10683 10760 10803 10857

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

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

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21 August 2013 22:35 GMT