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USDOLLAR 10232 Serves as Short Term Pivot

USDOLLAR 10232 Serves as Short Term Pivot

2013-02-12 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 10232 Serves as Short Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The larger trend is bullish against 10133 but today’s USDOLLAR reversal occurred from may cap gains in the near term. Still, expect weakness to prove corrective. Support is clustered between 10200 and 10230 from the 20 day average, trendline, topside of former channel resistance, and 2/8 low.

FOREX Trading Strategy: Long against 10230.

LEVELS: 10158 10198 10232 10343 10400 10500

--- 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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