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USDOLLAR Tests Former Channel Support as Resistance

USDOLLAR Tests Former Channel Support as Resistance

2014-02-20 22:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Tests Former Channel Support as Resistance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-USDOLLAR made a key reversal at the line that extends off of the 2012 and October 2013 lows on Monday. Price needs to exceed 10619 (preferably on a daily closing basis) in order to suggest that the market has turned the corner. In any case, Monday is a good start.

-Thursday’s advance failed at the underside of former channel support. 10554 is possible support.

LEVELS: 10438 10493 10525 | 10579 10619 10649

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

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