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USDOLLAR Stronger Support Remains Below 10400

USDOLLAR Stronger Support Remains Below 10400

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Stronger Support Remains Below 10400

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Today’s close above (barely) the neckline decreases confidence in the short term USDOLLAR head and shoulders top that was confirmed on Friday. In any case, don’t completely dismiss the pattern. “The objective for the pattern is 10323, which happens to be the 2012 high. The 2/25 low is also of interest as support at 10365. In summary, look lower towards 10323/65 before thinking about buying a dip.”

FOREX Trading Strategy: Flat

LEVELS: 10323 10365 10413 10514 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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