Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
FOREXAnalysis: The USDOLLAR broke higher from the 'death corner’, suggesting a run towards the highs in a 5th wave (the ‘death corner’ is the apex of several trendlines…it’s where trades go to die). 10323/65 is still support if we break lower but the low but the hold at Elliott channel support argues for a new highs in order to complete 5 waves up from the September low.
FOREX Trading Strategy: Even with the break higher, I’m not comfortable with the long side given the EURUSD and GBPUSD reversals and 5th wave interpretation of the current rally.
LEVELS: 10323 10391 10451 10576 10608 10710
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. Follow me on Twitter for real time updates @JamieSaettele