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USDOLLAR Outside Day; Broken Resistance is Now Support

USDOLLAR Outside Day; Broken Resistance is Now Support

2013-05-16 21:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Candles

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Outside Day; Broken Resistance is Now Support

Chart Prepared by Jamie Saettele, CMT using

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

FOREXAnalysis: Using the same method that was used to determine the USDJPY objective, the near term USDOLLAR objective is 10781. Price reached 10781 Wednesday and pulled back slightly. A major breakout could be underway from above 10558. 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 10830 on Friday. 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 10898 on Friday.

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 jsaettele@dailyfx.com.  Follow me on Twitter for real time updates @JamieSaettele

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

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