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FOREX Technical Analysis: USDOLLAR Intraday Reversal Clouds Picture

FOREX Technical Analysis: USDOLLAR Intraday Reversal Clouds Picture

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Intraday Reversal Clouds Picture

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: “The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) made an inside day after failing to break through the 38.2% retracement of the decline from 10323 at 9963. RSI didn’t exceed 60 at the top.” Thursday’s intraday reversal clouds the previously described bearish picture.

FOREX Trading Strategy Implications: Market risk is still lower against 9978 but I would not fight strength on a print above 9978.

LEVELS: 9846 9889 9920 9978 10027 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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