USDOLLAR Sideways Trade Possible Before Trendline Assault

DailyFX

Daily Candles

View photo

.
eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Sideways Trade Possible Before Trendline Assault

Chart Prepared by Jamie Saettele, CMT using

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

FOREXAnalysis: Using the same method that was used to determine the USDJPY objective, the near term USDOLLAR objective is 10781. Price reached 10775 Wednesday so don’t be surprised to see a pullback. Still, strength above the long term channel suggests acceleration of the rally that began at the 2011 low. This could be EXTREMELY significant…the Elliott channel for 5th wave estimation is at about 10825 on Thursday. The line that connects the tops of waves 1 and 3 within the 5 wave advance from the 9/14/13 low is at about 10889 on Wednesday.

FOREX Trading Strategy: Flat

LEVELS: 10586 10658 10701 10781 10820 10882

--- 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'sdistribution list in order to receive actionable FX trading strategy delivered to your inbox. Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

Rates

View Comments (0)