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USDOLLAR Responds to 9 Month Trendline Support

USDOLLAR Responds to 9 Month Trendline Support

2013-08-12 00:10:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Responds to 9 Month Trendline Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR declined for a 6th consecutive day on Friday and responded to the line that extends off of the December 2012 and June 2013 lows. The most recent 6 day decline (consecutive) was over 2 years ago (a 7 day decline ended on 12/31/2010). In other words, we haven’t seen a market like this since the USD bull began (2011 low). Failure to hold nearby levels opens up a run on the March and April highs at 10577/86 (circled above).

FOREX Trading Strategy: Looking higher after trendline response against 10650. 10680-10700 is support,

LEVELS: 10586 10644 10680 10730 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

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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