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USDOLLAR Trades into April Low

USDOLLAR Trades into April Low

2013-10-21 19:38:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Trades into April Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR has slid below where the decline from the July high would consist of 2 equal waves (10449) and into the April low of 10391 (low is 10389).

-A major channel support confluence has been reached. Failure to hold the current level opens up the 2012 high at 10323.

Trading Strategy: No bullish setup yet but the market is in the right place for a low.

LEVELS: 10323 10391 10402 | 10460 10500 10530

--- 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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