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FOREX Technical Analysis: USDOLLAR Closing in on Technical Confluence

FOREX Technical Analysis: USDOLLAR Closing in on Technical Confluence

2012-11-15 01:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Closing_in_on_Technical_Confluence_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Closing in on Technical Confluence

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “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. Price is now nearing a high risk area for bulls defined by the 100% extension of the rally from the September low, 50% retracement of the decline from the June high, channel resistance, and June low. Expect a reaction.

FOREX Trading Strategy: Look higher towards the mentioned confluence of levels but don’t expect a clean break through on the first attempt. The September high at 10046 is also in the way.

LEVELS: 9961 9973 9991 10032 10046 10100

--- 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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