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
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