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 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.