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USDOLLAR Reverses at Elliott Channel AGAIN; Favor Correction

USDOLLAR Reverses at Elliott Channel AGAIN; Favor Correction

2013-05-29 22:00:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses at Elliott Channel AGAIN; Favor Correction

Chart Prepared by Jamie Saettele, CMT using

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

FOREXAnalysis: No change – “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. Price has reached the Elliott channel for 5th wave estimation however so don’t be surprised to see at least consolidation if not a deeper setback from current levels. Considering that the USDJPY is responsible for most of the rally in recent months, a USDJPY turn may be closer than many think.” The next week or so could see the USDOLLAR makes its way towards the topside of the larger channel (blue) before finding an important low.

FOREX Trading Strategy: Flat

LEVELS: 10679 10715 10772 10830 10882 10934

--- 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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