USDOLLAR Tests Early Month Highs before Pullback; Remains Constructive
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 (low so far is 10455). 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: Response at trendline is promising. Push above 10580 would be additional evidence that a larger rally is underway.
LEVELS: 10391 10410 10449 | 10509 10541 10580
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. 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.