FOREX Technical Analysis: USDOLLAR Reverses, 9983 is Now Resistance
Chart Prepared by Jamie Saettele, CMT
FOREXAnalysis: Although not especially clean, both the rally from 9917 and decline from 10013 are probably in 3 waves. The most likely scenarios are a flat or triangle. In a flat, 10013 would be exceeded before a larger decline commenced. In a triangle, the range would tighten for probably a few weeks before a break a terminal thrust lower. In both cases, higher prices are likely the next few days.
FOREX Trading Strategy: Look towards 9983.
LEVELS: 9866 9891 9917 9983 10013 10044
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.