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USDOLLAR 10620 Becomes the New Pivot After Outside Day

USDOLLAR 10620 Becomes the New Pivot After Outside Day

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR 10620 Becomes the New Pivot After Outside Day

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-USDOLLAR broke lower from consolidation on Tuesday but completely retraced the move on Wednesday. Such action is typical of false breaks.”

-Higher lows are in place since Oct with the latest low at 10620. Look higher towards 10757 and 10812 as long as price is above 10620.

Trading Strategy: Long, against 10620.

LEVELS: 10594 10620 10669 | 10708 10757 10812

--- 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

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

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