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USDOLLAR Moment of Truth as Price Sits on Elliott Channel

USDOLLAR Moment of Truth as Price Sits on Elliott Channel

2013-04-16 21:49:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Moment of Truth as Price Sits on Elliott Channel

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The USDOLLAR has traded in a tight range for several weeks but needs to hold above Elliott channel support (there now) for one to maintain a constructive bias. Failure to hold the channel would strongly suggest that the advance ended with a truncated 5th wave and that a correction of the rally from the September 2012 low is underway.

FOREX Trading Strategy: Flat

LEVELS: 10323 10391 10444 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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