Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
Automate trades with Mirror Trader
–Since the 2011 low, USDOLLAR has not dropped for more than 4 consecutive weeks. If price closes below 10564 on Friday, then price will have declined for 4 consecutive weeks.
-Last week’s decline after the Fed announced ‘no taper’ feels, looks, and smells like the QE3 announcement in September 2012. In both instances, daily RSI(21) dropped to nearly the exact same level and price formed an inside week the next week. Both declines even formed channels, albeit in different ways.
Trading Strategy: Flat
LEVELS: 10391 10469 10520 | 10584 10627 10642
— 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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