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FOREX Technical Analysis: USDOLLAR Reverses, 9983 is Now Resistance

FOREX Technical Analysis: USDOLLAR Reverses, 9983 is Now Resistance

2012-12-12 22:44:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, 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

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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