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USDOLLAR-Monday Low is Critical for Near Term Recovery Attempt

USDOLLAR-Monday Low is Critical for Near Term Recovery Attempt

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR-Monday Low is Critical for Near Term Recovery Attempt

Chart Prepared by Jamie Saettele, CMT using

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: After the recent sharp selloff, some sideways trade is probably in order. With 3 waves down from the high, it’s possible that Monday’s low composes the bottom of the next range. In fact, the advance from 10643 is impulsive (5 waves), which presents the opportunity to buy weakness. Estimated support is 10668. Resistance in the coming days is 10789.

FOREX Trading Strategy: Looking for a USD low in general when the USDOLLAR corrects the advance from 10643. 10668 is support.

LEVELS: 10586 10642 10668 10731 10789 10876

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

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

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

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