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USDOLLAR Penetrates Trendline; Rally Unfolding in Impulsive Manner

By , Sr. Technical Strategist
30 October 2013 22:11 GMT

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Penetrates Trendline; Rally Unfolding in Impulsive Manner

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market now faces resistance from former lows and trendline resistance.

-Price is above trendline resistance and the advance is unfolding in an impulsive manner, which may present a swing long in early November.

Trading Strategy: Flat

LEVELS: 10354 10407 10450 | 10510 10550 10580

--- 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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30 October 2013 22:11 GMT