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USDOLLAR Wednesday Estimated Support at 10765

USDOLLAR Wednesday Estimated Support at 10765

2013-09-03 00:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Wednesday Estimated Support at 10765

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR break above the line that extends off of the July and August highs leaves the decline from the July high in 3 waves (corrective).

-That line is now estimated support along with channel support near 10765 on Wednesday.

-The 61.8% retracement of the decline from the July high at 10871 along with the 8/2 high at 10897 are now estimated resistance.

Trading Strategy: Look for a Wednesday low near 10765 to get long against 10705.

LEVELS: 10709 10736 10765 | 10812 10857 10897

--- 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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