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USDOLLAR Outside Day Provides Reference Point for Next Move

USDOLLAR Outside Day Provides Reference Point for Next Move

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Outside Day Provides Reference Point for Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “A large range day occurred last Wednesday and upside momentum slowed toThursday. 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.” The Yen pullback took place today but the USD also rallied against the Euro, leaving the USDOLLAR little changed on the day. Still, the outside day at these levels provides a reference point for the next move. A drop below today’s low would signal downside pressures towards at least trendline support.

FOREX Trading Strategy: Flat

LEVELS: 10274 10308 10364 10444 10500 10608

--- 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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