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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

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

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