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USDOLLAR Weakness Accelerates; 2012 High Now Viewed as Support

USDOLLAR Weakness Accelerates; 2012 High Now Viewed as Support

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Weakness Accelerates; 2012 High Now Viewed as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: A short term USDOLLAR head and shoulders top was confirmed 2 Fridays ago and the market followed through on the downside today. 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

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox. 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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