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USDOLLAR Short Term Pivot Possibly in Place

USDOLLAR Short Term Pivot Possibly in Place

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Short Term Pivot Possibly in Place

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reversed Friday (key reversal) in what probably marks the beginning of a move back towards 10130/50. These levels are former pivots and the 20 day average will cross these levels towards the end of the week. The tentative plan is to buy weakness into the mentioned support with a stop below 10076.” This remains more of a contingency plan because I want to be bullish against today’s low of 10200 (a drop below would return focus to 10130/50). Remember, the goal is to buy USD weakness. Price is back to where it was on May 23rd. 10230 is support ahead of 10200. 10400 would be the next resistance zone.

LEVELS: 10129 10147 10200 10241 10272 10313

--- 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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