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FOREX Technical Analysis: USDOLLAR Shows Signs of Exhaustion

By , Sr. Technical Strategist
22 November 2012 00:59 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Shows_Signs_of_Exhaustion__body_usdollar.png, FOREX Technical Analysis: USDOLLAR Shows Signs of Exhaustion

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: While the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has failed to extend to new highs in order to satisfy 5 waves up from 9892, respect potential for a reversal from current levels as the advance from Monday’s low is impulsive. This raises the possibility of truncation (5th wave failing to exceed the wave 3 price extreme).

FOREX Trading Strategy: A neutral stance is warranted at the current juncture.

LEVELS: 9935 9961 10001 10071 10090 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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22 November 2012 00:59 GMT