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US Dollar Sideways Trade Resumes

US Dollar Sideways Trade Resumes

2011-05-19 14:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Sideways Trade Resumes

Prepared by Jamie Saettele, CMT

The USD index has stalled at resistance from the 4/18 high and 3/7 low. Divergence on intraday charts warns of weakness into the 7400/35 support zone (a move into here could compose wave 2 or B of a larger bull move). Continued strength targets 7688 (2/2 low) and 7738 (3/11 high). The 20 day average at 7423 is also potential support.

Support/Resistance Index (M,W,D) – 3, 0, (2)

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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