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FOREX Technical Analysis: USDOLLAR 9832 Serves as Pivot

FOREX Technical Analysis: USDOLLAR 9832 Serves as Pivot

2012-10-29 20:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR 9832 Serves as Pivot

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) decline from 9949 to 9832 is in 3 waves. This is corrective action and either composes wave B or 2. In the former case, price has completed a 3 wave advance from 9740. In the latter case, a 3rd wave rally is underway towards much higher levels.

FOREX Trading Strategy Implications: The bullish impulsive count is valid as long as price s above 9832. 9887 is support. I favor buying a dip into 9887 against 9832 or a break above 9977 (against the last Thursday low).

LEVELS: 9846 9887 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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