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USDollar Channel Support Near 9900

USDollar Channel Support Near 9900

2012-03-19 20:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Channel Support Near 9900

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) carved out a daily key reversal last Thursday and the decline has extended below the 3/7 and 3/8 lows. Immediate focus is on the confluence of the 20 day average and potential channel support near 9900. The specter of 5 waves down from 10097 demands that we respect entertain a corrective move back to 9983-10000. Manage risk accordingly.

Bottom Line (next 5 days) – sideways / down?

--- 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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