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USDOLLAR Working on 50% Retracement of Move Down

USDOLLAR Working on 50% Retracement of Move Down

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Working on 50% Retracement of Move Down

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Last update was “the USDOLLAR has bounced from the topside of the former corrective channel that formed in late 2012. Today’s advance reversed at the line that extends off of the 5/29 and 6/10 highs. Exceeding that level opens up 10643/73.” We’re ticks away from 10673. Today’s move certainly has a 3rd wave feel to it. Watch for a pullback from nearby levels to find support at 10608/5 before another push higher.

FOREX Trading Strategy: Flat

LEVELS: 10510 10574 10608 10673 10731 10789

--- 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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