USDOLLAR Reverses after Exceeding May High
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has exceeded its May high but reversed sharply after doing so. Near term, it does look like one more high is needed in order to complete 5 waves from the 8/30 low but that rally could complete a correction from the May low (much like the EURUSD from the May high).
Trend Strength (M,W,D) – 0, 1, (2)
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 email@example.com.
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