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USDOLLAR Definitively Breaks Trendline; Top Side of Line is Support

By , Sr. Technical Strategist
31 October 2013 21:51 GMT

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Definitively Breaks Trendline; Top Side of Line is Support

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 has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.

-The advance is impulsive. A corrective decline would offer the opportunity to turn bullish. Estimated support is 10440/50 along with the top side of the broken trendline.

Trading Strategy: Flat

LEVELS: 10393 10450 10479 | 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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31 October 2013 21:51 GMT