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USDOLLAR Reaches Resistance from 9/12 Low

USDOLLAR Reaches Resistance from 9/12 Low

2012-09-18 21:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reaches Resistance from 9/12 Low

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has traded below its yearlong trendline support, the April low at 9816 and the downward sloping channel…the next levels of interest are 9738 and 9672. The April low at 9816 is now resistance.” The bounce from just above 9738 has reached resistance from the 9/12 low and it’s time to start looking lower again. Resistance extends to 9845 and 9990. The trend is down below 9930 towards 9672.

LEVELS: 9672 9700 9740 9818 9865 9894

--- 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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