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USDOLLAR Support Expected at 9650

USDOLLAR Support Expected at 9650

2011-09-15 15:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Support Expected at 9650

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has exceeded its May high but reversed. Price is testing support from the August high but the more important level is the recent pivot high and 38.2% retracement at 9650. This level is reinforced by an Elliott channel next week. The implications are for weakness into 9650 before price reversed and heads to a new high (but into a top).

Trend Strength (M,W,D) – 0, 3, 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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