USDOLLAR-Monday Low is Critical for Near Term Recovery Attempt
Chart Prepared by Jamie Saettele, CMT using
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
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