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FOREX Technical Analysis: USDOLLAR Remains Pinned Below 10000

By , Sr. Technical Strategist
14 November 2012 01:40 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Remains_Pinned_Below_10000_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Remains Pinned Below 10000

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low is on the first day of the month thus a more bullish outcome should be respected as long as price is above that level (9901).” Notice that declines since 10/10 are in 3 waves, which indicates that weakness is corrective.

FOREX Trading Strategy: As long as the USDOLLAR is above the 11/1 low of 9901, look higher towards the Fibonacci confluence in 10030s. If interpretation of price action composing a flat since Wednesday is accurate, then price should stay above Friday’s low. It’s wait and see at this point.

LEVELS: 9901 9923 9950 9991 10032 10046

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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14 November 2012 01:40 GMT