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US Dollar Reaches Resistance – Move May Have Legs

US Dollar Reaches Resistance – Move May Have Legs

2011-08-02 15:14:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Reaches Resistance – Move May Have Legs

Prepared by Jamie Saettele, CMT

“The consolidation from the May low best resembles a flat with a truncated C wave thus the downside is favored until a new low is registered….a new low may give way to a USD bottom. The decline would complete 5 waves down however so expectations are for a bottom and reversal.” After registering a new low, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR), has rallied to reach former resistance at 9475. The pattern should be viewed in a constructive light as long as price is above 9394.

Trend Strength (M,W,D) – (1), (1), 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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