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US Dollar Decline Gathers Steam

US Dollar Decline Gathers Steam

2011-07-26 15:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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120 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Decline Gathers Steam

Prepared by Jamie Saettele, CMT

The consolidation from the May low best resembles a triangle thus the downside is favored until a new low is registered. The June low offered little support and the proximity of the May low suggests that the level will be reached soon. It is important to understand that triangles do tend to precede the final move of a trend (exhaustion) so a new low may give way to a USD bottom.

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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