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USDOLLAR Breaks Below Major Trendline

USDOLLAR Breaks Below Major Trendline

2012-08-24 12:41:00
Christopher Vecchio, CFA, Senior Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Breaks Below Major Trendline

Prepared by Christopher Vecchio, Currency Analyst

No change: “The USDOLLAR may be coiling for an explosive advance but a rally above 10096 is needed in order to increase confidence in the upside. The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has held support from the trendline that extends off of the 2012 lows and the low may be in place. 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). These levels only come into play on a drop below last week’s low.”

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to cvecchio@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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