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USDOLLAR Penetrates Trendline; Rally Unfolding in Impulsive Manner

USDOLLAR Penetrates Trendline; Rally Unfolding in Impulsive Manner

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Penetrates Trendline; Rally Unfolding in Impulsive Manner

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market now faces resistance from former lows and trendline resistance.

-Price is above trendline resistance and the advance is unfolding in an impulsive manner, which may present a swing long in early November.

Trading Strategy: Flat

LEVELS: 10354 10407 10450 | 10510 10550 10580

--- 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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