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  • $EURUSD breakout stalled (so far) around the same spot that caught the feb top fib from the same study that caught the low in march (at the 38.2) https://t.co/ikWed0YfwE https://t.co/OfvmSW2V4S
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  • US Dollar Outlook: DXY Index Hammered as Treasury Yields Ebb -via @DailyFX Link to Full Analysis: https://www.dailyfx.com/forex/fundamental/us_dollar_index/usd_trading_today/2021/05/18/us-dollar-outlook-dxy-index-hammered-as-treasury-yields-ebb.html $USD $DXY #Trading https://t.co/2zVfDWI5Y7
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  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇨🇭CHF: 0.54% 🇪🇺EUR: 0.45% 🇳🇿NZD: 0.41% 🇯🇵JPY: 0.23% 🇦🇺AUD: 0.22% 🇨🇦CAD: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/bgTy0ZEXoV
  • Some really great insight and compelling chart setups below. Strongly encourage taking the time to read through my colleague @JStanleyFX's latest take on #StockMarket cycles. https://t.co/erlf7M9z27
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USDOLLAR Nears Confluence from Channels and Extension

USDOLLAR Nears Confluence from Channels and Extension

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Nears Confluence from Channels and Extension

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at its lowest level since 5/11. Focus is on a short term internal downward sloping channel and 100% extension of the decline from the July high at 9986. The trendline that extends off of the 2012 lows is at about 9970 this week. A deeper decline into mid-August (as per the 1995/96 model) could reach the 100% extension of the decline from the June high at 9940. Allow for corrective strength above 10060 before lower levels are registered.

LEVELS: 9938 9986 10011 10058 10088 10111

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.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 jsaettele@dailyfx.com

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.

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