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USDOLLAR Monday Low Critical to Near Term Direction

USDOLLAR Monday Low Critical to Near Term Direction

2012-01-24 23:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Monday Low Critical to Near Term Direction

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rebounded from channel support and exceeded Monday’s high, which is typically bullish for the week. The caveat here is the end of month seasonality in equities (bullish), which is certainly not USD bullish. Thus the picture is muddled. Levels to watch if Monday’s low fails to hold are the 100% extension of the decline from the top at 9821, the 50% retracement of the rally from the October low at 9767 and the 61.8% retracement at 9690. Resistance above today’s high is 9940 and 9990.

Bottom Line – flat

--- 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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