USDOLLAR Tests Weekly Low before Reversing
Prepared by Jamie Saettele, CMT
“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) tested its low for the week before reversing late in the day. Still, price remains supported by former May congestion (specifically the 5/18 high) after coming off a breakout to multiyear highs. In line with risk trends (see short term stock market projection in recent Strategy Corner pieces), I’m looking higher towards 10243 in what is probably a B wave.
LEVELS: 10077 10130 10142 10195 10220 10243
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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