USDOLLAR Impulsive Advance Stops at Technical Confluence

DailyFX

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Impulsive Advance Stops at Technical Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote last week that “the rally from Wednesday’s low has all the characteristics of a 3rd wave within a 5 wave advance. The implications are weakness in a 4th wave (estimated support is 10652/69) before a push to new highs..perhaps to 10789.” After dipping to 10678, the USDOLLAR rallied to and reversed at 10789. A week or 2 of weakness, albeit in a corrective manner, is anticipated before the rally resumes.

FOREX Trading Strategy: Flat

LEVELS: 10608 10652 10678 10751 10774 10830

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

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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