USDOLLAR Trading Slows – Direction Unclear Until Break
300 Minute Bars
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) turned up sharply last week but has retraced much of the rally from under 9400. Still, the structure of the rally from 9322 suggests that at least one more bull leg should unfold. In other words, expect a test of 9682 and possibly 9765. A rally to there could complete wave C of a flat or triangle.
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Trend Strength (M,W,D) – 0, 0, (1)
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 email@example.com.
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