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USDOLLAR Working Towards 10876 Resistance

USDOLLAR Working Towards 10876 Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Working Towards 10876 Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: “The failed run at last week’s low (like EURUSD and the failed run at the high) has me looking higher for at least several days in the USDOLLAR. In fact, a key reversal unfolded today following the lowest close since 6/27. It may be that a triangle or flat pattern is underway from the 7/11 low. Both point higher over the next few days. 10876 is estimated resistance. 10951 is in focus if price breaks the Monday high.” In general, still looking towards 10876 although 10807/27 is now support and could be reached first.

FOREX Trading Strategy: Order to go long at 10812, stop 10755

LEVELS: 10675 10757 10807 10876 10926 10951

--- 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

Subscribe to Jamie Saettele'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. 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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