USDOLLAR Responds to Former Trendline Resistance as Support
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“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. Look higher as long as price is above 10535. 10624 is possible resistance within the range.
Trading Strategy: Long against 10535.
LEVELS: 10492 10535 10576 | 10624 10646 10696
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. 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.