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USDOLLAR Triangle from May?

USDOLLAR Triangle from May?

2011-08-31 15:19:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_USDOllar.png, USDOLLAR Triangle from May?

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) failed at last week’s high, bringing forth the possibility (again) that the larger trend remains down towards fresh lows. Consider the possibility that a triangle is underway and that a move above 9521 would complete wave E of the triangle. The USDOLLAR would then thrust lower (below 9321) into its final low.

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Trend Strength (M,W,D) – 0, (1), (1)

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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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