Chart Prepared by Jamie Saettele, CMT using
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 wiped out most of last Thursday’s decline and has returned to the 20 day midpoint (10699) so a pullback might be in order. Estimated support is 10580.
FOREX Trading Strategy: Flat
LEVELS: 10517 10579 10627 10726 10789 10876
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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