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USDOLLAR Nears 50% Retracement of Rally from June

USDOLLAR Nears 50% Retracement of Rally from June

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Nears 50% Retracement of Rally from June

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: The USDOLLAR took out the last 2 weeks’ lows on Monday and traded to the lowest level since 6/26. Like a lot of other USD crosses, nearby levels may provide reactions. The 50% of the advance from June comes in at 10739. The strongest support however may be the confluence a 10675 (61.8% and where the decline from the top would consist of 2 equal legs).

FOREX Trading Strategy: Flat

LEVELS: 10585 10675 10739 10810 10867 10926

--- 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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