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USDOLLAR Year Long Trendline Slightly Below Market

USDOLLAR Year Long Trendline Slightly Below Market

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Year Long Trendline Slightly Below Market

Prepared by Jamie Saettele, CMT

I left you with “the USDOLLAR may be coiling for an explosive advance but a rally above 10096 is needed in order to increase confidence in the upside.” 10096 was never exceeded and the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has declined to early May levels. Today’s small range after Friday’s large range is reminiscent of October 27/28, 2011. A drop to a new low encounters potential trendline support (extended off of 2011 lows). Exceeding 9965 would suggest that a low is in place.

LEVELS: 9795 9816 9892 9938 9965 9984

--- 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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