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USDOLLAR Corrective Channel Break Portends Larger Decline

USDOLLAR Corrective Channel Break Portends Larger Decline

2014-02-13 22:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Corrective Channel Break Portends Larger Decline

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDOLLAR has broken near term channel support. The break suggests that weakness has transitioned from corrective to impulsive. After 9 consecutive days down, the market is in need of a pullback. Former lows from 10599 to 10619 are possible resistance.

-Near term focus is on 10535/65. Continue to use the 2/7 outside day high as a line in the sand for trend.

LEVELS: 10438 10493 10565 | 10619 10649 10675

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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