Dollar Holds Trendline Support
With Joe Russo, Elliott Wave Technology | July 6, 2011
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.
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