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USDOLLAR Reverses at 50% of Decline from July High

USDOLLAR Reverses at 50% of Decline from July High

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses at 50% of Decline from July High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: No change - “USDOLLAR looks most similar to EURUSD and USDCHF. The decline can be treated as an A-B-C from the top with wave C as a diagonal. The rally from yesterday’s low is impulsive (5 waves) and a pullback would present an opportunity to buy against 10693. Support is 10736/55.”

FOREX Trading Strategy: Looking to go long in mentioned zone.

LEVELS: 10693 10736 10755 10852 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

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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