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USDOLLAR Takes Friday High but Faces 20 day Average

USDOLLAR Takes Friday High but Faces 20 day Average

2012-08-15 21:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Takes Friday High but Faces 20 day Average

Prepared by Jamie Saettele, CMT

The USDOLLAR may be coiling for an explosive advance but I maintain that 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 (low in place?).”

LEVELS: 9955 9980 10020 10062 10096 10133

--- 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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