USDOLLAR Upside Momentum Slows after Push through 10400
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: A large range day occurred Wednesday and upside momentum slowed today. “Large range days that occur after an extended move are usually exhaustive in nature. The index has been influenced heavily in recent months by the Yen move as well. Any USDJPY mean reversion likely has the opposite effect.” The awaited pullback may finally be underway.
FOREX Trading Strategy: Slowing momentum suggests that some corrective weakness may finally be underway. We’ll look to turn bullish at lower levels.
LEVELS: 10274 10308 10364 10437 10500 10608
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.