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USDOLLAR Returns to Friday Low; 10550/80 Proving Formidable

USDOLLAR Returns to Friday Low; 10550/80 Proving Formidable

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Returns to Friday Low; 10550/80 Proving Formidable

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 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 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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