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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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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