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USDOLLAR-Is a Bigger Dip Finally Underway?

USDOLLAR-Is a Bigger Dip Finally Underway?

2013-03-12 19:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR-Is a Bigger Dip Finally Underway?

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Since the USDOLLAR traded through the 2012 high on 2/11, each dip has been quickly retraced. The index began trading in 2011 but we can simulate historical data to get a sense for support/resistance. When we do that, we find the 50% retracement of the decline from the 2009 high to 2011 low at 10560. The next level of interest would be the 61.8% retracement at 10853 which is also the 38.2% retracement of the decline from the 2002 high. The current area is also defined by the upward sloping trendline that extends off of the 2011 and 2012 highs and channel that defines the rally since the 2011 low. In other words, price has entered a zone that probably provides the resistance needed to inspire a countertrend move (down).

FOREX Trading Strategy: Flat

LEVELS: 10323 10391 10427 10519 10576 10611

--- 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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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