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USDOLLAR Elliott Channel Break Favors a ‘Sell Rallies’ Approach

Jamie Saettele, CMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Elliott Channel Break Favors a ‘Sell Rallies’ Approach

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: The clean break below Elliott channel support is additional evidence that a deeper setback is underway. Like the USDJPY and its broken diagonal line, the underside of the broken Elliott line may now serve as resistance. Keep the 2012 high at 10323 in mind as support.

FOREX Trading Strategy: Looking to short above 10500.

LEVELS: 10323 10391 10442 10506 10535 10562

--- 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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