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FOREX Technical Analysis: USDOLLAR Drop Viewed as Countertrend

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

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Drop_Viewed_as_Countertrend__body_usdollar.png, FOREX Technical Analysis: USDOLLAR Drop Viewed as Countertrend

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). I wrote last week that “the reaction at the channel does suggest that this level will not be broken easily. Expect some corrective activity into 10000/20.” The USDOLLAR reached 10001 today. An intraday plot reveals the corrective nature of the decline.

FOREX Trading Strategy: Start looking higher again against 9960.

LEVELS: 9935 9961 9991 10044 10071 10100

--- 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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20 November 2012 01:14 GMT