USDOLLAR Rejected at Trendline and Series of September Highs

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Rejected at Trendline and Series of September Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-The 50% retracement of the advance from the Sep 2012 low proved strong support indeed and the market has blasted through resistance from former lows and the line that extends off of the Sep and 10/16 highs.”

-The advance is impulsive. The run into trendline resistance and series of Sep highs (9/20-9/26) may have completed an impulse (5 waves) from the low. At least a few days of sideways to down may be in the cards. A daily close above 10570 would suggest that the rally is extending from current levels.

Trading Strategy: Flat

LEVELS: 10437 10469 10492 | 10566 10589 10646

--- 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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