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USDOLLAR Flirting with 50% Retracement of 2014 Drop

USDOLLAR Flirting with 50% Retracement of 2014 Drop

2014-08-05 20:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR Flirting with 50% Retracement of 2014 Drop

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-After flirting with the line that extends off of the 2011 and 2012 lows for 3 weeks, the USDOLLAR found legs and trades just shy of the 50% retracement of the year’s range and 200 SMA. The bullish outside month in July is a good way for long term USD strength to resume but the current level likely inspires consolidation / pullback. Expect 10470 to hold if the larger trend is indeed higher.

--Trading ideasare available to J.S. Trade Desk members.

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