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USDOLLAR Breaks Through Short Term Resistance but Closes Mid Range

USDOLLAR Breaks Through Short Term Resistance but Closes Mid Range

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Breaks Through Short Term Resistance but Closes Mid Range

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: The USDOLLAR broke higher from the 'death corner’, suggesting a run towards the highs in a 5th wave (the ‘death corner’ is the apex of several trendlines…it’s where trades go to die). 10323/65 is still support if we break lower but the low but the hold at Elliott channel support argues for a new highs in order to complete 5 waves up from the September low.

FOREX Trading Strategy: Even with the break higher, I’m not comfortable with the long side given the EURUSD and GBPUSD reversals.

LEVELS: 10323 10391 10451 10528 10576 10600

--- 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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