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USDollar 9893 Defines Trend

By , Sr. Technical Strategist
17 April 2012 21:18 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar 9893 Defines Trend

Prepared by Jamie Saettele, CMT

All you need to know right now about the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is that 9893 defines the trend (above is bullish and below is bearish). A drop below would negate my bullish bias and shift focus to the trendline that extends off of the February lows and 100% extension at 9843 (reinforced by former congestion). Short term pattern remains constructive (impulsive rally from 9899.42 and corrective decline so far from 999.64).

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.

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17 April 2012 21:18 GMT