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FOREX Technical Analysis: USDOLLAR Pokes Through Early Month High

By , Sr. Technical Strategist
24 January 2013 22:01 GMT

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, FOREX Technical Analysis: USDOLLAR Pokes Through Early Month High

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: Recent commentary was “it’s worth keeping the potential bearish pattern in mind but trend is considered sideways as long as price is between 10158 and 10000. This defines the range for the year so far. A break of the range will offer a directional bias.” The USDOLLAR broke higher…so look higher towards 10223/40 and eventually the 2012 high.

FOREX Trading Strategy: Bullish on weakness into 10130/50, against 10075.

LEVELS: 10075 10113 10136 10173 10223/40 10323

--- 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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24 January 2013 22:01 GMT