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FOREX Technical Analysis: USDOLLAR Has Eyes for 10012

By , Sr. Technical Strategist
07 December 2012 02:11 GMT

Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Has_Eyes_for_10012_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Has Eyes for 10012

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: I wrote Tuesday that “The USDOLLAR dropped into 9923 (11/7 low) today but I find the channeling nature of weakness from the 11/21 interesting given the previously discussed 5th wave truncation at the 11/21 high. I remain on the lookout for a low and the current level (channel and 11/7 low) would be a good place for a low to form.” We got the low now the question is how significant is the low. It seems obvious that the decline from the November high is a ‘5’ but the truncation scenario would indicate the top is unorthodox on 11/21. Either way, look higher towards 10009/12.

FOREX Trading Strategy: Bullish on dips into 9953/64, against 9917, towards at least 10012.

LEVELS: 9891 9923 9945 10009 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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07 December 2012 02:11 GMT