USDOLLAR-Something Has Got to Give Soon
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDOLLAR is at what one of my friends calls a ‘death corner’. The ‘death corner’ is the apex of several trendlines…it’s where trades go to die. A break through one of these lines is needed in order to trigger a direction or else the market is at risk of going into a directionless drift. 10323/65 is still support if we break lower but the low at Elliott channel support yesterday argues for a run to new highs in order to complete 5 waves up from the September low.
FOREX Trading Strategy: The 3/27 high (10489) 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.