Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
-The USDOLLAR traded to its August low of 10646 before reversing to end the day slightly higher (small range key reversal unfolded).
-Former channel resistance, which served as support at the June low, served as support again on Thursday.
-Daily RSI(10) is below 40 but above 30. One characteristic of bull markets is that RSI stays above 30 and usually finds support at or not much below 40. In other words, if the larger bull is still underway, then price needs to turn higher more or less now.
Trading Strategy: Flat
LEVELS: 10586 10615 10646 | 10696 10754 10791
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele