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US Dollar RSI Bullish Signal-Inverse Head and Shoulders Base

US Dollar RSI Bullish Signal-Inverse Head and Shoulders Base

2011-05-13 14:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar RSI Bullish Signal-Inverse Head and Shoulders Base

Prepared by Jamie Saettele, CMT

A secondary low may be in place for the USD index at 7440. I showed in Wednesday’s video how parallel channel resistance on the daily was broken – clearly a bullish development. An objective going forward is the 100% extension at 7686 – which intersects with parallel channel resistance on Monday. Like the EURUSD, there are RSI signals on multiple time frames (bullish in this case).

Support/Resistance Index (M,W,D) – 3, 1, 1

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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