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FOREX Technical Analysis: USDOLLAR Threatens 10000 and Retreats

FOREX Technical Analysis: USDOLLAR Threatens 10000 and Retreats

2012-11-29 01:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Threatens_10000_and_Retreats__body_usdollar.png, FOREX Technical Analysis: USDOLLAR Threatens 10000 and Retreats

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I had been looking for a reversal near the 38.2% retracement of the rally from 9740, at 9945. The level is reinforced by trendline support and the 10/10 high. The USDOLLAR reversed just before that leve l yesterday. The outside day at support (11/12-14 lows) warrants a constructive view.

FOREX Trading Strategy: I am bullish now against 9955.

LEVELS: 9935 9945 9961 10001 10044 10071

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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