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USDOLLAR Reverses Most of Friday Advance; Channel Near 10410

USDOLLAR Reverses Most of Friday Advance; Channel Near 10410

2013-10-07 22:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses Most of Friday Advance; Channel Near 10410

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-USDOLLAR declined for a 5thconsecutive weekfor the first time since the week that ended June 3rd, 2011.

-The decline from the July high would consist of 2 equal waves at 10449. The trendline that extends off of the September and December 2012 has been reached.

-Channel support is at about 10410. The April low is at 10391.

Trading Strategy: Flat

LEVELS: 10391 10410 10449 | 10509 10541 10580

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

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