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USDOLLAR Nears Confluence from Channels and Extension

USDOLLAR Nears Confluence from Channels and Extension

2012-07-31 19:39:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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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