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USDOLLAR Ends Near 61.8% Retracement; Focus is on 10789

USDOLLAR Ends Near 61.8% Retracement; Focus is on 10789

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Ends Near 61.8% Retracement; Focus is on 10789

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDOLLAR traded through the 61.8% retracement of the decline before ending the day slightly below. The rally from Wednesday’s low has all the characteristics of a 3rd wave within a 5 wave advance. The implications are weakness in a 4th wave (estimated support is 10652/69) before a push to new highs..perhaps to 10789.

FOREX Trading Strategy: Flat

LEVELS: 10608 10652/69 10700 10751 10789 10830

--- 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

Subscribe to Jamie Saettele'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. 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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