USDOLLAR Trades at Center of 2 Month Range
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Today’s USDOLLAR low was almost exactly at the midpoint of the range for the last 2 months (range being the 3/11 high to the 4/2 low). The exact middle of the range is 10484 (today’s low was 10485). Pattern wise, action since the March high may compose a flat (completed) or a triangle (developing). Both patterns are corrective and suggest another bull leg (above 10586). The uncertainty surrounds how much longer price stays within the range.
FOREX Trading Strategy: Flat
LEVELS: 10391 10464 10485 10562 10586 10608
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.