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USDOLLAR 10680-10700 is Estimated Support

USDOLLAR 10680-10700 is Estimated Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, 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

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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