Tanalys

USDOLLAR Drop Reverses Right at Elliott Channel

Daily Bars

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

FOREXAnalysis: “A short term USDOLLAR head and shoulders top was confirmed 2 Fridays ago and the market followed through on the downside today. The objective for the pattern is 10323, which happens to be the 2012 high. The 2/25 low is also of interest as support at 10365. In summary, look lower towards 10323/65 before thinking about buying a dip.” Our support wasn’t quite reached as the USDOLLAR found low today at Elliott channel support.

FOREX Trading Strategy: The 3/27 high will serve as the pivot. A push above would warrant a return to the bullish camp for at least a run at the high.

LEVELS: 10323 10365 10391 10451 10489 10545

— 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

Subscribe to Jamie Saettele’s distribution list in order to receive actionable FX trading strategy delivered to your inbox. Jamie is the author of Sentiment in the Forex Market.

Exit mobile version