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FOREX Technical Analysis: USDOLLAR is Constructive above 9901

FOREX Technical Analysis: USDOLLAR is Constructive above 9901

2012-11-07 01:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDOLLAR_is_Constructive_above_9901_body_usdollar.png, FOREX Technical Analysis: USDOLLAR is Constructive above 9901

Chart Prepared by Jamie Saettele, CMT

FOREX Observations: The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low is on the first day of the month thus a more bullish outcome should be respected as long as price is above that level (9901).

FOREX Trading Strategy Implications: Tuesday’s drop is viewed as an opportunity to align with longs for a run at channel resistance and the Fibonacci confluence at 10032/41.

LEVELS: 9901 9927 9950 9981 10032 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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