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USDOLLAR Top Side of Trendline is Estimated Support

USDOLLAR Top Side of Trendline is Estimated Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Top Side of Trendline is Estimated Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.”

-The advance is impulsive and a higher low is in place at 10492. Price has entered the top of the 10540-10590 support zone. If 10492 fails to hold, then a deeper pullback is probably underway towards 10437. Watch the topside of the broken trendline (in blue) for support this week.

Trading Strategy:

LEVELS: 10492 10539 10566 | 10624 10646 10696

--- 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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