Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: Wrote last week that “it’s possible that the flat completed a few points before 10391 but respect the potential for a new low as long as price is below 10494. Resistance is clustered between 10447 and 10471. Price took out 10494 but allow near term fluctuations to play out before taking a stand. Like the EURUSD and USDCHF, a 5 wave move towards USDOLLAR strength would present an opportunity to get bullish on an ensuing setback.” 5 waves up completed at Friday’s high and 3 waves down appear complete at 10464. The picture is constructive above that level but beware of resistance at 10562.
FOREX Trading Strategy: Flat
LEVELS: 10391 10464 10501 10562 10586 10608
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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