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USDOLLAR 3rd Largest Drop of Year; Price is at Multiyear Channel

Jamie Saettele, CMT

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 3rd Largest Drop of Year; Price is at Multiyear Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader


-The USDOLLAR has slid below where the decline from the July high would consist of 2 equal waves (10449). Low is 10414.


-Major channel support has been reached. Final support before the 2012 high at 10323 is the April low at 10391. The 50% retracement of the advance from 9740 is 10375.


Trading Strategy: No bullish setup yet but the market is in the right place for a low.


LEVELS: 10323 10375 10391 | 10460 10500 10530


--- 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


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