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USDOLLAR at Critical Juncture – Breakout or Range?

USDOLLAR at Critical Juncture – Breakout or Range?

2011-09-08 15:36:00
Jamie Saettele, CMT, Sr. Technical Strategist
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eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR at Critical Juncture – Breakout or Range?

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has exceeded its triangle line and reversed, which is common for E waves (of triangles). If a triangle has formed from the April low, then the USDOLLAR will head lower from here and thrust (below 9321) into its final low before staging a dramatic reversal. Exceeding 9682 would suggest that the low is already in place. Like the EURUSD, we are at a critical juncture.

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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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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