We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • German Bund Yields Update: 2-Year: -0.638% 3-Year: -0.671% 5-Year: -0.583% 7-Year: -0.517% 10-Year: -0.338% 30-Year: 0.176%
  • RT @BobOnMarkets: So, Bloomberg News just published its monthly survey of 21 or so Wall Street strategists on where they see the S&P 500 en…
  • $USDJPY Daily Pivot Points: S3: 107.96 S2: 108.33 S1: 108.55 R1: 108.93 R2: 109.08 R3: 109.45 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Forex Update: As of 21:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.39% 🇪🇺EUR: 0.17% 🇨🇦CAD: 0.14% 🇨🇭CHF: 0.00% 🇳🇿NZD: -0.09% 🇦🇺AUD: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/hETwZGND7E
  • This week's ECB meeting minutes should be interesting to watch especially in light of the US-China #tradewar. Stay tuned for more in-depth analysis.
  • You also have to take into account the demographic factor whereby the wide-spread graying of Europe (and soon the US) will further sap inflationary pressure. As people age, they spend less of their income because unlike their younger years, they aren't trying to accumulate stuff.
  • Europeans are going to have to find a way to reconcile that because cutting rates deeper into negative territory I don't think is going to give the same stimulative effect as when rates were higher. Plus they've already got QE going on indefinitely.
  • "Policymakers therefore have to find a way to reconcile maintaining the institutional integrity of the growth and stability pact – in order to prevent states from flirting with sovereign debt crises and wrecking the Eurozone – and letting members exercise greater fiscal autonomy"
  • Commodities Update: As of 21:00, these are your best and worst performers based on the London trading schedule: Silver: 0.43% Gold: 0.19% Oil - US Crude: -0.21% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/FnkOcMGqdx
  • $EURUSD Daily Pivot Points: S3: 1.0957 S2: 1.0999 S1: 1.1026 R1: 1.1069 R2: 1.1084 R3: 1.1126 https://www.dailyfx.com/pivot-points?ref=SubNav?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
FOREX Technical Analysis: USDOLLAR Rally Rejected Shy of 10000 Again

FOREX Technical Analysis: USDOLLAR Rally Rejected Shy of 10000 Again

2012-11-09 02:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Rally_Rejected_Shy_of_10000_Again_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Rally Rejected Shy of 10000 Again

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).” Notice that declines since 10/10 are in 3 waves, which indicates that weakness is corrective. The problem one faces now is that the rally from Wednesday’s low is also in 3 waves. As such, one cannot rule out a dip below Wednesday low.

FOREX Trading Strategy Implications: Look higher as long as price is above 9901 towards 10032/41 but allowing for a dip below Wednesday’s low.

LEVELS: 9901 9923 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.

DISCLOSURES

News & Analysis at your fingertips.