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USDOLLAR Reverses from Measured Level

USDOLLAR Reverses from Measured Level

2012-10-04 22:27:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses from Measured Level

Prepared by Jamie Saettele, CMT

Look towards 9930/63 (9/10 high, 8/23 low and 38.2% retracement of the decline from 10323) as long as price is above Friday’s low. I expect a reaction within that zone if reached.” The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reacted by declining sharply. The rally from the low is in 2 equal legs, which is typical of a correction.

LEVELS: 9792 9843 9863 9892 9930 9965

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

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

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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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