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USDOLLAR Spikes Higher after Completing Correction

USDOLLAR Spikes Higher after Completing Correction

2012-01-18 22:54:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Spikes Higher after Completing Correction

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is bullish as long as price is above the early month low of 9856. Pattern wise, the swings since the November high may compose a triangle. Expect support just below the current level (specifically an extension at 9915 and triangle support line at about 9900). Expectations are for a bullish reversal within the next few days.

Bottom Line – long, stop 9855

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.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 jsaettele@dailyfx.com

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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