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US Dollar Forex Trading Program: 07/02/2013

US Dollar Forex Trading Program: 07/02/2013

Jamie Saettele, CMT, Sr. Technical Strategist

I'm refreshed following a week of vacation! Let's get right to it...

The USDOLLAR has exceeded the May high. Price action from the May high served to correct the September-May uptrend. The drop from the May high found low in the middle of March-April consolidation thus the price correction is probably complete but the rally from the June low is mature and probably needs a correction of its own. 10675-10725 is support.

Components of the USDOLLAR may bottom at different times of course.

The most recent comments on AUDUSD were that "extensions of the recent AUDUSD range project .9114 (161.8%) and .8984 (200%). .8984 is of particular interest due to participants’ obsession with big round figures." The AUDUSD traded to .9112 last week but the latter can't be dismissed just yet (I'm long from .9180 with a stop under last week's low).

For the GBPUSD, estimated support 1.5080-1.5109.

The next level of possible support for the EURUSD is 1.2934

100.46/66 is potential resistance in USDJPY (key word is potential) but 101.25 is probably stronger.

I remain long USDCHF from .9170 and the stop has been moved up to .9410. .9571-.9606 is now estimated resistance.

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