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USDOLLAR Moment of Truth as Price Sits on Elliott Channel

USDOLLAR Moment of Truth as Price Sits on Elliott Channel

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

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

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

Subscribe to Jamie Saettele'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. Jamie is the author of Sentiment in the Forex Market.

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