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USDOLLAR Faces Test at 10500

USDOLLAR Faces Test at 10500

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Faces Test at 10500

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: Wrote yesterday that “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.” Price took out 10494 but allow near term fluctuations to play out before taking a stand. Like the EURUSD and USDCHF, a 5 wave move towards USDOLLAR strength would present an opportunity to get bullish on an ensuing setback.

FOREX Trading Strategy: Flat

LEVELS: 10391 10443 10474 10505 10562 10608

--- 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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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