US Dollar Rallies from 61.8% Retracement but Structure Incomplete
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has crashed through its 61.8% retracement of the rally from 9322, warning that new lows are around the corner. A near term uptick is not out of the question (in fact likely) as most USD pairs are at USD support. 9506 is resistance.
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Trend Strength (M,W,D) – 0, 0, (1)
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 firstname.lastname@example.org.
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