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US Dollar Finds Support Near Former Resistance Line

US Dollar Finds Support Near Former Resistance Line

2011-07-14 15:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usd.png, US Dollar Finds Support Near Former Resistance Line

Prepared by Jamie Saettele, CMT

After retracing much of July’s rally, the buck found support at the 60 day average this morning and has rebounded slightly. Bigger picture, the break above the year + resistance line is significant and I thus maintain that the upward (slightly) sloping trade from the May low is a bullish base that will eventually see an upside resolution.

Trend Strength (M,W,D) – (1), 0, 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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