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USDOLLAR Retraces Last Week’s Advance

USDOLLAR Retraces Last Week’s Advance

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Retraces Last Week’s Advance

Prepared by Jamie Saettele, CMT

No change: “The USDOLLAR may be coiling for an explosive advance but a rally above 10096 is needed in order to increase confidence in the upside. The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has held support from the trendline that extends off of the 2012 lows and the low may be in place. A deeper decline into mid-August (as per the 1995/96 model) is possible and could reach the 100% extension of the decline from the June high at 9940. The 52 week average may come into play as well (currently just above 9900). These levels only come into play on a drop below last week’s low.”

LEVELS: 9920 9940 9980 10055 10096 10133

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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