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FOREX Technical Analysis: USDOLLAR Trying to Stabilize before Trendline

By , Sr. Technical Strategist
30 November 2012 00:41 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Trying_to_Stabilize_before_Trendline_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Trying to Stabilize before Trendline

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 Tuesday and continues to hold up. Tuesday’s outside day at support (11/12-14 lows) warrants a constructive view.

FOREX Trading Strategy: I am bullish against 9955.

LEVELS: 9891 9923 9945 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.

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30 November 2012 00:41 GMT