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USDOLLAR Friday High Serves as Pivot Near 9800

USDOLLAR Friday High Serves as Pivot Near 9800

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Friday High Serves as Pivot Near 9800

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) advanced Friday to test the February high but failed today. Near term structure lacks clarity (several valid interpretations) but the contracting nature of price action from the 2011 low may be a large triangle. With this in mind, the USDOLLAR could still test slightly lower levels (November low) before turning higher for several months.

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

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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