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 firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele