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Don’t Fall in Love with USDOLLAR Rally

Don’t Fall in Love with USDOLLAR Rally

2012-02-14 00:07:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, Don’t Fall in Love with USDOLLAR Rally

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rally from the 2/8 low consists of 2 equal legs, which is typical of a correction. The implications are for weakness from the current level. Tuesday’s top matches up with former lows as well (1/2, 1/3, and 1/23…former support becomes resistance). The USDOLLAR is vulnerable at these levels.

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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