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USDOLLAR Consolidating – May Give Way to Next Bull Leg

USDOLLAR Consolidating – May Give Way to Next Bull Leg

2011-09-21 16:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Consolidating – May Give Way to Next Bull Leg

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at a fresh high and focus is on a March pivot high at 9886. I wrote last week that “the implications are for weakness into 9650 before price reverses and heads to a new high (but into a top).” So while the USDOLLAR may extend slightly higher into 9886, reversal signs (not present yet) should be respected. Another possibility is consolidation in a triangle or flat before the next bull leg gets underway.

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.

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

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