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Dollar Still Favored…but on Dips

Dollar Still Favored…but on Dips

2011-12-14 23:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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S&P E-Mini March

Daily Bars

Dollar_Still_Favored_body_es.png, Dollar Still Favored…but on Dips

Prepared by Jamie Saettele, CMT

Either a flat or triangle is unfolding from the October high. If a triangle, then we should get a low this week near 1177.25 or 1168. A trendline intersects the former level early next week. Don’t dismiss near term bullish potential from here with 1200.25 in the way. Resistance is 1213.75 and 1220.

Euro / US Dollar

Daily Bars

Dollar_Still_Favored_body_eurusd.png, Dollar Still Favored…but on Dips

Prepared by Jamie Saettele, CMT

The EURUSD is testing channel support and appears overextended on a short term basis. That’s not to say that one should go long. Rather, expect weakness on balance this week but with 2 way action. Resistance tonight is 13065-13100. I favor shorts into there with a stop above 13180. Expectations are for a test of the January low at 12873 before a sharper recovery into 13210/80.

Australian Dollar / US Dollar

Daily Bars

Dollar_Still_Favored_body_audusd.png, Dollar Still Favored…but on Dips

Prepared by Jamie Saettele, CMT

AUDUSD focus remains on the gap that was left open from the 11/28 open at 9775. This level intersects trendline support today. I favor shorts towards 9775 but on rallies into 9940/80 with a stop above 10045. I’ll be on the lookout for long setups (opening range setups / key reversals) below 9800 although the NZDUSD might be a better candidate (AUDNZD bearish daily key reversal today).

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

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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