USDOLLAR Finishes Day at Thursday Close (Support)

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Finishes Day at Thursday Close (Support)

Chart Prepared by Jamie Saettele, CMT using

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FOREXAnalysis: Wrote last week that “after the Monday low went in the USDOLLAR, the decline accelerated and price has already entered the territory of the former 4th wave (10391-10586) and tested the channel that defines the rally from the 2012 low. Daily RSI has plummeted from above 70 to 42. While a larger correction of the rally from the September low may be underway (a la USDJPY), conditions are consistent with at least a near term low and rally attempt.” The USDOLLAR has pulled back from the 20 day midpoint and ended Tuesday at estimated support from Thursday’s close of 10580. I’m looking for a bounce here but failure to hold last week’s low would open up 10443/79.

FOREX Trading Strategy: Flat

LEVELS: 10479 10517 10579 10629 10671 10700

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

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