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USDOLLAR Rally Fades; Market Remains in Range

USDOLLAR Rally Fades; Market Remains in Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Rally Fades; Market Remains in Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-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 and the market responded. 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 bottom has formed. Until then, this is a meat grinder.

LEVELS: 10391 10410 10449 | 10563 10580 10611

--- 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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