FOREX Technical Analysis: USDOLLAR Drop Viewed as Countertrend
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). I wrote last week that “the reaction at the channel does suggest that this level will not be broken easily. Expect some corrective activity into 10000/20.” The USDOLLAR reached 10001 today. An intraday plot reveals the corrective nature of the decline.
FOREX Trading Strategy: Start looking higher again against 9960.
LEVELS: 9935 9961 9991 10044 10071 10100
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. 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 email@example.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.