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US Dollar Rally is Corrective – Focus is on Recent Lows

US Dollar Rally is Corrective – Focus is on Recent Lows

2011-07-18 14:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Rally is Corrective – Focus is on Recent Lows

Prepared by Jamie Saettele, CMT

At this point, it seems clear that the break higher in the USD was of the false variety. The subsequent decline is impulsive and recovery corrective. As such, look lower towards the recent low of 7413 and 100% extension at 7372.

Trend Strength (M,W,D) – (1), 0, 1

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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