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FOREX Technical Analysis: USDOLLAR Supported By Trendline and 20 Day Average

By , Sr. Technical Strategist
23 January 2013 21:06 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Supported By Trendline and 20 Day Average

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: One can’t help but notice a potential head and shoulders top (really a long term potential head and shoulders continuation pattern). It’s worth keeping the potential bearish pattern in mind but trend is considered sideways as long as price is between 10158 and 10000. This defines the range for the year so far. A break of the range will offer a directional bias.

FOREX Trading Strategy: Awaiting a break of 10000-10158.

LEVELS: 10000 10032 10075 10112 10158 10236

--- 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.

provides forex news and technical analysis on the trends that influence the global currency markets.
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23 January 2013 21:06 GMT