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USDOLLAR Slips From Multiyear High as Larger Pullback Favored

USDOLLAR Slips From Multiyear High as Larger Pullback Favored

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Slips From Multiyear High as Larger Pullback Favored

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: The larger trend is bullish against 10133 but slowing momentum is typical of at least several days of corrective activity. The 20 day average, trendline, and topside of former channel resistance may help us identify the next low.

FOREX Trading Strategy: Awaiting a pullback into 10230 to turn bullish again.

LEVELS: 10198 10232 10300 10400 10437 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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