USDOLLAR Reverses Before April Low
240 Minute Bars
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote yesterday that “the USDOLLAR has traded lower but beware of a possible flat correction from the March high. A flat is best described as a sideways correction. What makes it so difficult to deal with is that the end of the correction (in this case down) is sharp, impulsive and breaks support right before a reversal and resumption of the larger trend. In other words, beware of chasing a drop below 10391.” It’s possible that the flat completed a few points before 10391 but respect the potential for a new low as long as price is below 10494. Resistance is clustered between 10447 and 10471.
FOREX Trading Strategy: Flat
LEVELS: 10275 10323 10391 10447 10471 10500
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail email@example.com. Follow me on Twitter for real time updates @JamieSaettele
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.