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USDollar Acceleration Favored above 9966

By , Sr. Technical Strategist
10 April 2012 21:31 GMT

60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Acceleration Favored above 9966

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) decline from 10047 is in 3 waves (corrective) which is more evidence that the bullish bias is the correct bias. Action from last night’s high may compose small degree waves 1 and 2 of the next bull leg. Regardless, the key level is the early month low at 9893.

Bottom Line (next 5 days) – higher

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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10 April 2012 21:31 GMT