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US Dollar Should See Support Near 9500

US Dollar Should See Support Near 9500

2011-08-09 15:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Closes

eliottWaves_us_dollar_index_body_usd.png, US Dollar Should See Support Near 9500

Prepared by Jamie Saettele, CMT

After registering a new low, the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR), has rallied in 5 waves. The implications are bearish near term as a corrective setback is expected. 9500 is support. A word of caution here – the USD patterns are mixed with the commodity currencies showing impulsive declines and the European currencies showing corrective declines.

Trend Strength (M,W,D) – 0, 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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