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USDOLLAR Impulsive Advance Stops at Technical Confluence

USDOLLAR Impulsive Advance Stops at Technical Confluence

2013-06-24 18:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Impulsive Advance Stops at Technical Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote last week that “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.” After dipping to 10678, the USDOLLAR rallied to and reversed at 10789. A week or 2 of weakness, albeit in a corrective manner, is anticipated before the rally resumes.

FOREX Trading Strategy: Flat

LEVELS: 10608 10652 10678 10751 10774 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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