USDOLLAR Remains Coiled for Run at New Highs
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-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 firstname.lastname@example.org. 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.