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FOREX Technical Analysis: USDOLLAR Reverses, 9983 is Now Resistance

By , Sr. Technical Strategist
13 December 2012 02:58 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Reverses_9983_is_Now_Resistance_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Reverses, 9983 is Now Resistance

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: Although not especially clean, both the rally from 9917 and decline from 10013 are probably in 3 waves. The most likely scenarios are a flat or triangle. In a flat, 10013 would be exceeded before a larger decline commenced. In a triangle, the range would tighten for probably a few weeks before a break a terminal thrust lower. In both cases, higher prices are likely the next few days.

FOREX Trading Strategy: Look towards 9983.

LEVELS: 9866 9891 9917 9983 10013 10044

--- 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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Jamie is the author of Sentiment in the Forex Market.

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13 December 2012 02:58 GMT