USDOLLAR Nears Open of the Year
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.
-10682 (50%) is in focus now. The year open is at 10668. I’d be surprised if a sharp pullback didn’t materialize from near 10690.
--Trading ideasare available to J.S. Trade Desk members.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.