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USDOLLAR Little Changed after Range Engulfs Prior 3 Days’

USDOLLAR Little Changed after Range Engulfs Prior 3 Days’

2013-10-16 22:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Little Changed after Range Engulfs Prior 3 Days’

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, direction is sideways to lower.

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

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