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US Dollar Measured Objective at 7686

US Dollar Measured Objective at 7686

2011-05-11 16:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Measured Objective at 7686

Prepared by Jamie Saettele, CMT

I looked at the weekly yesterday but the near term developments are worth a view today. A secondary low may be in place for the USD index at 7440. Notice how RSI (60 minute) bounced from the 40 level at 7440. This action is indicative of a low in a bull trend. An objective going forward is the 100% extension at 7686 – which (surprise) intersects with parallel channel resistance on May 16th.

Support/Resistance Index (M,W,D) – 1, 0, 0

Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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