USDOLLAR Year Long Trendline Slightly Below Market
Prepared by Jamie Saettele, CMT
I left you with “the USDOLLAR may be coiling for an explosive advance but a rally above 10096 is needed in order to increase confidence in the upside.” 10096 was never exceeded and the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has declined to early May levels. Today’s small range after Friday’s large range is reminiscent of October 27/28, 2011. A drop to a new low encounters potential trendline support (extended off of 2011 lows). Exceeding 9965 would suggest that a low is in place.
LEVELS: 9795 9816 9892 9938 9965 9984
— Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com