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FOREX Technical Analysis: USDOLLAR Resumes Bull Move

By , Sr. Technical Strategist
21 November 2012 02:30 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Resumes_Bull_Move__body_usdollar.png, FOREX Technical Analysis: USDOLLAR Resumes Bull Move

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 yesterday that “an intraday plot reveals the corrective nature of the decline.” Price has turned up, suggesting that we are on the right track.

FOREX Trading Strategy: Continue looking higher towards new highs.

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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21 November 2012 02:30 GMT