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USDOLLAR 10096 Would Increase Confidence in Longs

USDOLLAR 10096 Would Increase Confidence in Longs

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 10096 Would Increase Confidence in Longs

Prepared by Jamie Saettele, CMT

RSI continues to hold levels consistent with formation of a bottom in a larger bull market as well but a rally above 10096 is needed in order to increase confidence in the upside. “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: 9955 9975 10011 10039 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

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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