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USDOLLAR Ends Losing Streak; One Year Removed from Significant Low

USDOLLAR Ends Losing Streak; One Year Removed from Significant Low

2013-09-12 23:09:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Ends Losing Streak; One Year Removed from Significant Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR traded to its August low of 10646 before reversing to end the day slightly higher (small range key reversal unfolded).

-Former channel resistance, which served as support at the June low, served as support again on Thursday.

-Daily RSI(10) is below 40 but above 30. One characteristic of bull markets is that RSI stays above 30 and usually finds support at or not much below 40. In other words, if the larger bull is still underway, then price needs to turn higher more or less now.

Trading Strategy: Flat

LEVELS: 10586 10615 10646 | 10696 10754 10791

--- 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.

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