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USDOLLAR Wednesday Estimated Support at 10765

USDOLLAR Wednesday Estimated Support at 10765

Jamie Saettele, CMT, Sr. Technical Strategist

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

Subscribe to Jamie Saettele'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. Jamie is the author of Sentiment in the Forex Market.

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

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