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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
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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

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

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