USDOLLAR 10680-10700 is Estimated Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Interested in automated trading with Mirror Trader
FOREXAnalysis: “The USDOLLAR has turned up from a trendline / channel line confluence. The recent low also occurred at the 6/19 (FOMC day) close. Near term, price contends with the 7/11 low (like USDJPY). 10875-10900 is going to be the most difficult to overcome for bears. 10680-10700 is still support.” The power of financial news headlines as contrarian signals has been on display at recent turns. The most recent USD bearish WSJ headline combined with trendline support is a textbook example of combining traditional technical tools with sentiment analysis.
FOREX Trading Strategy: Flat
LEVELS: 10586 10644 10680 10768 10862 10875
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.