USDOLLAR Dips Below Trendline-July Low at Risk
Prepared by Jamie Saettele, CMT
“We should know in the next few days whether or not the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is going to continue higher from above or below 10048.” The current level is huge as short term trendline support and the 60 day average (which has pinpointed the lows since mid-June) are being put to the test. Failure to hold the current level and 10048 would shift focus towards the mid-9900s by the end of July (100% extension of the decline from 10323 intersects channel support on 7/30).
LEVELS: 10005 10025 10048 10126 10155 10184
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter @JamieSaettele
To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to firstname.lastname@example.org
Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.