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US Dollar Breaks Trendline Support

US Dollar Breaks Trendline Support

2011-05-27 13:47:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usd.png, US Dollar Breaks Trendline Support

Prepared by Jamie Saettele, CMT

I wrote yesterday that “the recent move (in this case strength) has failed to extend and the break of Monday’s low suggests lower prices ahead. Trendline support has been broken and focus is on 7496. A drop below there could complete a flat correction (support would be at 7435 and 7396).” Allowing for bounces, look lower towards Fibonacci measurements at 7469 (wave a x 161.8%), 7435 (50% retracement), and 7396 (61.8% retracement). Near term resistance is at 7533.

Support/Resistance Index (M,W,D) – 3, 1, (3)

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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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