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USDOLLAR Rebounds after 10550 Test

USDOLLAR Rebounds after 10550 Test

2014-02-25 21:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Rebounds after 10550 Test

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDOLLAR made a key reversal at the line that extends off of the 2012 and October 2013 lows on 2/17. Price needs to exceed 10619 (preferably on a daily closing basis) in order to suggest that the market has turned the corner.

-The market did find support near 10554 on Tuesday. As long as price is below 10603, there is risk of a drop to a new low (below 10520) in order to complete 5 waves down from 10756.

LEVELS: 10492 10520 10554 | 10589 10619 10649

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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

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