FOREX Technical Analysis: USDOLLAR 3 Wave Drops are Bullish
60 Minute Bars
Chart Prepared by Jamie Saettele, CMT
FOREX Observations: “The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low is on the first day of the month thus a more bullish outcome should be respected as long as price is above that level (9901).” Notice that declines since 10/10 are in 3 waves, which indicates that weakness is corrective.
FOREX Trading Strategy Implications: Look higher as long as price is above 9901 towards 10032/41.
LEVELS: 9901 9923 9950 9981 10032 10046
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
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