USDOLLAR Revisits 50% of Rally From June

4Hour

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 (did drop below intraday on Thursday). I wrote Wednesday that “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.” The decline can now be counted as A-B-C from the top with wave C as a diagonal.

FOREX Trading Strategy: Flat

LEVELS: 10675 10700 10717 10781 10827 10867

— 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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USDOLLAR Revisits 50% of Rally From June