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FOREX Technical Analysis: USDOLLAR Fails on First Attempt of Early Month High

FOREX Technical Analysis: USDOLLAR Fails on First Attempt of Early Month High

2013-01-22 21:22:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Fails on First Attempt of Early Month High

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: One can’t help but notice a potential head and shoulders top (really a long term potential head and shoulders continuation pattern). It’s worth keeping the potential bearish pattern in mind but trend is considered sideways as long as price is between 10158 and 10000. This defines the range for the year so far. A break of the range will offer a directional bias.

FOREX Trading Strategy: Awaiting a break of 10000-10158.

LEVELS: 10000 10032 10077 10112 10158 10236

--- 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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