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 email@example.com. Follow me on Twitter for real time updates @JamieSaettele
Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox.
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.