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US Dollar Consolidates Losses at Triangle Support – Range to Tighten

US Dollar Consolidates Losses at Triangle Support – Range to Tighten

2011-07-01 15:41:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Consolidates Losses at Triangle Support – Range to Tighten

Prepared by Jamie Saettele, CMT

The near term analysis for the US dollar is the exact opposite of the EURUSD. A triangle appears to be unfolding. The implications are bearish several weeks out but a tighter range is likely to take hold near term. Near term resistance is 74.87 and 75.05 and 75.50 (closer to the triangle line). Additional weakness should find support at 74.00

Trend Strength (M,W,D) – (1), 0, 0

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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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