USDOLLAR Rallies from 50% Retracement; Closes in on Monday High

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Rallies from 50% Retracement; Closes in on Monday High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The 50% of the advance from June at 10739 has held so far and the USDOLLAR nearly took out the Monday high today. Structure of the decline from the top isn’t clear (A-B-C with triangle wave B is possible however). What’s important to note is that the decline retraced half of the prior rally and price responded to the level. Watch the underside of the broken resistance line for support now.

FOREX Trading Strategy: Flat

LEVELS: 10675 10740 10769 10832 10867 10926

--- 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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