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USDOLLAR at Interim Resistance

USDOLLAR at Interim Resistance

2012-01-06 19:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Interim Resistance

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) decline from the December high is in 3 waves and the first leg of a larger impulse appears to be unfolding to begin the year. I wrote yesterday that “the first leg of the rally may terminate tomorrow with NFP. Keep a close eye on the 10020 figure (former pivot and underside of former trendline).” The USDOLLAR traded to 10030 before turning back today. The combination of the trendline and 5 wave rally from 9856 give scope to a turn lower, albeit in a correction. 9970 is initial support.

Bottom Line – buy dips below 9970, stop 9856, target open

--- 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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