USDOLLAR New High Gets Sold
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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. Consolidation for the last week gives scope to another leg higher towards 10606. Below 10508 would open up 10430/40 (Fibonacci level and close of low week).
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