Technically Speaking: Dollar Holds Trendline Support
Update: Near Term Outlook for the US Dollar
Of late, trading sessions in which general equities rise in tandem with the Dollar have been few and far between. Wednesday provided one such occurrence. As we all know, one day does not constitute a trend.
The dollar bounced nicely off Tuesdays turn-bar, and is attempting to reclaim trade above the solid green trendline, which would defend an upside price target of 76.41.
Short-term, the dollar has broken out above the 74.69 pivot citing a short-term upside price target at 75.25, which also happens to be the nearest overhead resistance level.
Technically Speaking Video
I trust and hope that you have extracted something of actionable value from this syndicated distribution of Technically Speaking.
Until next time,
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Author: Joseph Russo
Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology
Joseph Russo, presently the chief editor and analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program. Having passed the Level I examination in November of 2004, Joe is now preparing to begin study for his Level II exams. Upon successful completion of an exhaustive level III examination he will have earned the industries highly regarded designation of Chartered Market Technician.
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