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USDOLLAR Near Term Bullish Target Near 10640

USDOLLAR Near Term Bullish Target Near 10640

Jamie Saettele, CMT, Sr. Technical Strategist

Hourly

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Near Term Bullish Target Near 10640

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR made an inside day last Thursday after declining 1.27% last Wednesday. That was the largest one day decline since 6/29/12, which was also 1.27%.

-Near term pattern is constructive. If price continues higher while remaining above 10527, then the rally from 10469 would compose 2 equal legs at 10636 (in line with the 9/17 high of 10642).

Trading Strategy: Rally from the low is impulsive and therefore promising. Exceeding pre-Fed level of 10588 would increase evidence that a low is in place. An advance of that magnitude would also create overlap with the 9/16 low of 10584.

LEVELS: 10391 10469 10527 | 10584 10627 10642

--- 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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