USDOLLAR Breakout; Measured Objective at 10781

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Breakout; Measured Objective at 10781

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote yesterday that “action since the March high may compose a flat (completed) or a triangle (developing). Both patterns are corrective and suggest another bull leg (above 10586). The uncertainty surrounds how much longer price stays within the range.” Price didn’t even stay in the range for a day. Using the same method that was used to determine the USDJPY objective, the USDOLLAR objective is 10781. Keep the long term channel (in blue) in mind.

FOREX Trading Strategy: Flat

LEVELS: 10524 10555 10575 10627 10691 10781

--- 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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