USDOLLAR Trades into Upward Sloping Elliott Channel

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Trades into Upward Sloping Elliott Channel

Chart Prepared by Jamie Saettele, CMT using

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FOREXAnalysis: A major breakout could be underway from above 10558. Strength above the long term channel suggests acceleration of the rally that began at the 2011 low. This could be EXTREMELY significant. Price has reached the Elliott channel for 5th wave estimation however so don’t be surprised to see at least consolidation if not a deeper setback from current levels. Considering that the USDJPY is responsible for most of the rally in recent months, a USDJPY turn may be closer than many think.

FOREX Trading Strategy: Flat

LEVELS: 10715 10760 10815 10882 11000 11267

--- 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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