USDOLLAR Impulsive Advance Stops at Technical Confluence
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.