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USDOLLAR Key Reversal after Extended Advance

USDOLLAR Key Reversal after Extended Advance

2013-07-08 23:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Key Reversal after Extended Advance

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR break above the May high has encountered the 127% level of the May decline. Monday’s key reversal at the level could mark an important top but weakness below 10920 is needed in order to create overlap with the most recent peak and suggest as much. Until then, upside momentum is too strong to fight.

FOREX Trading Strategy: Flat

LEVELS: 10813 10877 10920 11009 11114 11274

--- 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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