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USDOLLAR One More Push Before Sharp Drop

USDOLLAR One More Push Before Sharp Drop

2014-08-28 17:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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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