USDOLLAR Weakness Accelerates; 2012 High Now Viewed as Support

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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Weakness Accelerates; 2012 High Now Viewed as Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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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.

FOREX Trading Strategy: Flat

LEVELS: 10323 10365 10413 10514 10576 10611

--- 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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