USDOLLAR Bounces from 10500; Beware Chasing a New High
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.
-The advance is impulsive. A corrective decline would offer the opportunity to turn bullish. Estimated support is 10501. Weakness much below there opens up a possible drop towards 10450 and the topside of the broken trendline (and a better long entry).
Trading Strategy: Flat
LEVELS: 10437 10476 10501 | 10550 10580 10646
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.