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USDOLLAR Rally is Running on Fumes

USDOLLAR Rally is Running on Fumes

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Rally is Running on Fumes

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.

-I’d been looking for 10606/15 (61.8% and 2/27 high) before a shaper pullback. That level may still be reached but 5 waves from the July low along with 5 waves from the 8/6 low (in wave 5 of 1) sets the stage for a sharp pullback.

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

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