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USDOLLAR Responds to Former Trendline Resistance as Support

USDOLLAR Responds to Former Trendline Resistance as Support

2013-11-20 00:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Responds to Former Trendline Resistance as 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. 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 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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