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USDOLLAR Long Term Trendline and Channel in Focus

USDOLLAR Long Term Trendline and Channel in Focus

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Long Term Trendline and Channel in Focus

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR declined 1.27% on Wednesday. This is the largest one day decline since 6/29/12, which was also 1.27%.

-Near term levels of interest are the June low at 10469 and the 100% extension of the decline from the July high at 10449. Price has also retraced slightly more than 38.2% of the rally from the September 2012 low.

-The trendline off of the September 2012 and December 2012 lows is at about 10450 on Thursday. Channel support is closer to the April lows at the end of the month.

Trading Strategy: Flat

LEVELS: 10350 10391 10450 | 10538 10584 10627

--- 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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