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How to Get Rich Investing in Stocks by Riding the Electron Wave

Coiling U.S. Dollar Set to Unwind

Currencies / US Dollar Jul 09, 2011 - 03:57 PM GMT

By: Joseph_Russo

Currencies Best Financial Markets Analysis ArticleOver the medium-term, like many other broad based indices, the dollar continues to consolidate in a rather large sideways range. Its boundaries however, are not visually discernable in looking out over the short and near term as we’re doing here.

Over the near-term, the dollar has been coiling in a contracting triangle from late May.  Although it reserves the right to continue coiling for a couple of more weeks, the longer it does so, the more violent the unwind may be.


If it goes too far, and moseys its way right on through the apex without fanfare, well then nothing may come of it at all.  However, a near-term upside break or downside breach of the pattern carries a directional impact on the order of 2 ½ - 3 ¼ points from the point of escape.

Short-term, we have circled capture of the 75.25 target from Wednesday, and draw your attention to a potentially potent buy trigger just above the market. 

So long as the 74.84 pivot low holds, this short-term long entry set-up could jettison the dollar in excess of 0.50 cents in the blink of an eye.

Technically Speaking Video



I trust and hope that you have extracted something of actionable value from this edition of Technically Speaking. 

Until next time,

Trade Better/Invest Smarter

By Joseph Russo
Chief Publisher and Technical Analyst
Elliott Wave Technology
Email Author

Copyright © 2011 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

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