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FOREX Technical Analysis: USDOLLAR Surges into Resistance Zone

FOREX Technical Analysis: USDOLLAR Surges into Resistance Zone

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Surges into Resistance Zone

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: “The USDOLLAR has spent the month trading sideways. With this in mind, it’s possible that a triangle began in December. In that event, the December range would tighten for at least another week before the index breaks below 9917and probably tests 9866.” The move above 10013 negates the triangle but a flat count remains valid. Resistance is expected from the current level to 10044.

FOREX Trading Strategy: Sell strength into 10044 against 10071.

LEVELS: 9917 9929 9978 10020 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.

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

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