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USDOLLAR Early Week Key Reversal a Clue to Near Term Picture

USDOLLAR Early Week Key Reversal a Clue to Near Term Picture

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Early Week Key Reversal a Clue to Near Term Picture

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Are you new to FX or curious about your trading IQ?

FOREXAnalysis: The USDOLLAR key reversal on Monday occurred just shy of channel resistance so don’t rule out a final new high to test the channel but 10500 may not prove so easy to leave behind (9500 and 10000 were battleground levels). The 2012 high at 10323 is probably support now.

FOREX Trading Strategy: Flat

LEVELS: 10232 10323 10391 10474 10519 10600

--- 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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