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USDOLLAR Consolidating; Support Down to 10700

USDOLLAR Consolidating; Support Down to 10700

2013-05-21 22:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Consolidating; Support Down to 10700

Chart Prepared by Jamie Saettele, CMT using

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: A major breakout could be underway from above 10558. Strength above the long term channel suggests acceleration of the rally that began at the 2011 low. This could be EXTREMELY significant. Friday’s high was just shy of the Elliott channel for 5th wave estimation. As such, respect potential for a test of the top side of the channel that defines the rally from the 2011 low (the line in blue). In general, 10690-10715 is support.

FOREX Trading Strategy: Flat

LEVELS: 10586 10658 10715 10827 10882 10900

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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

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