USDOLLAR Sideways Trade Possible Before Trendline Assault
Chart Prepared by Jamie Saettele, CMT using
FOREXAnalysis: Using the same method that was used to determine the USDJPY objective, the near term USDOLLAR objective is 10781. Price reached 10775 Wednesday so don’t be surprised to see a pullback. Still, strength above the long term channel suggests acceleration of the rally that began at the 2011 low. This could be EXTREMELY significant…the Elliott channel for 5th wave estimation is at about 10825 on Thursday. The line that connects the tops of waves 1 and 3 within the 5 wave advance from the 9/14/13 low is at about 10889 on Wednesday.
FOREX Trading Strategy: Flat
LEVELS: 10586 10658 10701 10781 10820 10882
--- 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.