USDOLLAR Enters Major Fibonacci Zone; YTD High at 10756
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.” Ok...I’m surprised and focus is now on a cluster of measured levels and the YTD high near 10760.
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