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US Dollar Support at 7400/60

US Dollar Support at 7400/60

2011-05-16 15:21:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Support at 7400/60

Prepared by Jamie Saettele, CMT

The USD index has stalled after exceeding the 4/18 high on Friday. Divergence on intraday charts at the high gives scope to additional weakness into the 7400/60 support zone (a move into here could compose the right shoulder of an inverse head and shoulders). The 20 day average at 7420 is also support.

Support/Resistance Index (M,W,D) – 3, 2, 1

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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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