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USDOLLAR Elliott Channel is Key to Handicapping Next Move

USDOLLAR Elliott Channel is Key to Handicapping Next Move

2013-04-11 21:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Elliott Channel is Key to Handicapping Next Move

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: No change: “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: Flat – too much risk (USDJPY reversal risk, AUDUSD breakout risk, EURUSD and GBPUSD are supported for now) across the various components to be long USD. The latest move up could be a truncation too.

LEVELS: 10323 10391 10451 10576 10608 10710

--- 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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