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USDOLLAR Drop Shifts Focus to 9840

By , Sr. Technical Strategist
26 April 2012 22:56 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Drop Shifts Focus to 9840

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) drop below 9893 shifts focus to the trendline that extends off of the October and February lows (just below 9850) and 100% extension of the 10097-9893 decline at 9835. Former resistance reinforces that area as one of strong support.

Bottom Line (next 5 days) – bottoming?

--- 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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26 April 2012 22:56 GMT