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USDOLLAR Working on Outside Reversal Week

USDOLLAR Working on Outside Reversal Week

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Working on Outside Reversal Week

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR has already entered former resistance from the 6/24 high. In fact, the 6/21 to 6/24 zone is reinforced by the 50% and 61.8% retracements of the rally from 10469 and is a zone to expect demand. Given market conditions, it may be wise to wait for the lower region of the zone (10675) before looking for significant support.

FOREX Trading Strategy: Flat

LEVELS: 10585 10675 10740 10850 10920 10951

--- 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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