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USDOLLAR Forgets the Dump and Just Jumps; 10586 Still Needed

USDOLLAR Forgets the Dump and Just Jumps; 10586 Still Needed

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Forgets the Dump and Just Jumps; 10586 Still Needed

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDOLLAR is testing the 61.8% retracement of the advance from 10354 for the 3rd time in a month. Each test is slightly lower. This ‘drip’ lower could accelerate on FOMC before the market attempts to find a low. That has been the trend in recent years anyway.” The USDOLLAR didn’t waste any time with a dump this time. Carry on.

-Technically, the index needs to regain 10586 in order to suggest that the path is higher but Wednesday is obviously a great start.

LEVELS: 10455 10496 10550 | 10590 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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