U.S. Markets close in 5 hrs 47 mins

USDOLLAR 10736/55 Could Produce an Important Low

Jamie Saettele, CMT


eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 10736/55 Could Produce an Important Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: Wrote last week that “the USDOLLAR rally is impressive and has retraced exactly 61.8% of the decline from the July high. The advance forms a steep channel as well. This is probably a good place for a pullback to get underway. If it does, then expectations are for support near 10800/25.” Price has dropped below 10800 and is nearing potentially strong support from the European session low on 7/30 at 10755 and the 7/29 close at 10736. Trendline resistance reinforces the area as well.

FOREX Trading Strategy: Flat

LEVELS: 10693 10736 10755 10806 10832 10862

--- 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

Subscribe to Jamie Saettele'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.