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USDOLLAR Closing in on Potential Triangle Line-Make or Break Time

USDOLLAR Closing in on Potential Triangle Line-Make or Break Time

2011-09-06 14:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Closing in on Potential Triangle Line-Make or Break Time

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has exceeded 9521 and focus is on the trendline that extends off of the July and August highs near 9600. If a triangle is underway from the April low, then the current rally composes the final wave (of the triangle) and the USDOLLAR will then thrust (below 9321) into its final low before staging a dramatic reversal. Exceeding 9682 would suggest that the low is already in place.

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Trend Strength (M,W,D) – 0, 1, (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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