USDOLLAR Remains in Contructive Position
300 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has exceeded its May high but reversed. Price is testing support from the August high but the more important level is the recent pivot high and 38.2% retracement at 9650. This level is reinforced by an Elliott channel next week. The implications are for weakness into 9650 before price reverses and heads to a new high (but into a top).
Trend Strength (M,W,D) – 0, 3, 1
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 firstname.lastname@example.org.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.