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USDOLLAR Confluence of Technical Levels Continue to Hold

USDOLLAR Confluence of Technical Levels Continue to Hold

2012-08-08 22:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Confluence of Technical Levels Continue to Hold

Prepared by Jamie Saettele, CMT

Yesterday’s inside day offered an opportunity to try the long side with a stop under the low. RSI continues to hold levels consistent with formation of a bottom in a larger bull market as well. “The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at support from the trendline that extends off of the 2012 lows. Still, a deeper decline into mid-August (as per the 1995/96 model) is possible and could reach the 100% extension of the decline from the June high at 9940. The 52 week average may come into play as well (currently just above 9900). With these figures in mind, the index is probably no more than 1% or so from a major swing low.”

LEVELS: 9925 9955 9975 10029 10075 10096

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

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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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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