USDOLLAR Trend Clarification Expected in Next 2 Days
60 Minute Bars
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 is complete at 10039. There are 2 developments from the current level that seem most probable. Exceeding today’s high from the current level would suggest that 9946 is the low of wave 2. Until then, I favor weakness below 9946 in order to complete a corrective decline from 10039.
Bottom Line – long, stop 9856, target open
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter @JamieSaettele
To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to firstname.lastname@example.org
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.