USDOLLAR Wednesday Estimated Support at 10765
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-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 firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.