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USDOLLAR One More Push Before Sharp Drop

USDOLLAR One More Push Before Sharp Drop

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR One More Push Before Sharp 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.

-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.

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