USDOLLAR Working on 50% Retracement of Move Down
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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 email@example.com. Follow me on Twitter for real time updates @JamieSaettele
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.