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USDOLLAR Reverses Before April Low

Jamie Saettele, CMT

240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses Before April Low

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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FOREXAnalysis: Wrote yesterday that “the USDOLLAR has traded lower but beware of a possible flat correction from the March high. A flat is best described as a sideways correction. What makes it so difficult to deal with is that the end of the correction (in this case down) is sharp, impulsive and breaks support right before a reversal and resumption of the larger trend. In other words, beware of chasing a drop below 10391.” 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.



FOREX Trading Strategy: Flat


LEVELS: 10275 10323 10391 10447 10471 10500


--- 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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