USDOLLAR Drop Reverses Right at Elliott Channel
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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.” Our support wasn’t quite reached as the USDOLLAR found low today at Elliott channel support.
FOREX Trading Strategy: The 3/27 high will serve as the pivot. A push above would warrant a return to the bullish camp for at least a run at the high.
LEVELS: 10323 10365 10391 10451 10489 10545
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.