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FOREX Technical Analysis: USDOLLAR Reverses after Testing Former Lows

By , Sr. Technical Strategist
28 November 2012 01:54 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Reverses_after_Testing_Former_Lows_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Reverses after Testing Former Lows

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I had been looking for a reversal near the 38.2% retracement of the rally from 9740, at 9945. The level is reinforced by trendline support and the 10/10 high. The USDOLLAR reversed just before that level. The outside day at support (11/12-14 lows) does warrant a constructive view.

FOREX Trading Strategy: 9970 is short term support for bullish entries against Tuesday’s low.

LEVELS: 9935 9945 9961 10001 10044 10071

--- 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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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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28 November 2012 01:54 GMT