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USDOLLAR Failed Break Leaves Dollar Vulnerable

USDOLLAR Failed Break Leaves Dollar Vulnerable

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Failed Break Leaves Dollar Vulnerable

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) faces resistance at 9930/63 (9/10 high, 8/23 low and 38.2% retracement of the decline from 10323). “The current level is viewed as a high risk area for bulls and therefore an opportunity to trade from the short side, although I’d like to see a test and failure at the 38.2% retracement at 9963 before doing anything.” The rally failed today before making it to the 38.2% retracement. Still, one can’t rule out a test which is why bearish risk is widened out to the September high of 10046

LEVELS: 9843 9861 9902 9963 9987 10046

--- 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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