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USDOLLAR Unable to Respond to Support Levels above 7/29 Low

USDOLLAR Unable to Respond to Support Levels above 7/29 Low

2013-08-07 23:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Unable to Respond to Support Levels above 7/29 Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR declined for a 4th consecutive day as price is closing in on the July 29th low. If that low is broken, then there is a confluence of lines that may provide enough support for a low. What I term an ‘original line’ (extends off of 2 original pivots) acted as support in June an may do so again. The other line extends off of the December 2012 and June 2013 lows. Wait and see.

FOREX Trading Strategy: Flat

LEVELS: 10644 10669 10693 10763 10804 10836

--- 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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