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USDOLLAR Remains Coiled for Run at New Highs

USDOLLAR Remains Coiled for Run at New Highs

2014-01-08 21:19:00
Jamie Saettele, CMT, Sr. Technical Strategist

Daily

eliottWaves_us_dollar_index_body_Picture_1.png, USDOLLAR Remains Coiled for Run at New Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-The USDOLLAR has traded sideways since 12/20 in what may be a triangle. In fact, the triangle may compose wave 4 within a 5 wave rally (diagonal) from 10535. The implications are for a new high (above 10727) before weakness (possibly back to 10535 but we are getting ahead of ourselves now) commences in order to correct the advance from the Oct low. The 8/30 high at 10812 is in line with a measured level at 10823.

Trading Bias: Long, against 10630. Target 10810.

LEVELS: 10631 10653 10691 | 10727 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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