Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: No change: “The USDOLLAR broke higher from the 'death corner’, suggesting a run towards the highs in a 5th wave (the ‘death corner’ is the apex of several trendlines…it’s where trades go to die). 10323/65 is still support if we break lower but the low but the hold at Elliott channel support argues for a new highs in order to complete 5 waves up from the September low.”
FOREX Trading Strategy: Flat – too much risk (USDJPY reversal risk, AUDUSD breakout risk, EURUSD and GBPUSD are supported for now) across the various components to be long USD. The latest move up could be a truncation too.
LEVELS: 10323 10391 10444 10576 10608 10710
--- 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