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USDOLLAR Interim Supports at 10011 and 9951

USDOLLAR Interim Supports at 10011 and 9951

2011-10-05 15:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Interim Supports at 10011 and 9951

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reversed (like everything else) yesterday. Weakness from the top is probably the beginning of a 4th wave correction that will last throughout October. On balance, this means that the USDOLLAR will trade sideways to down. Watch the steep channel and 9950 for interim supports.

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--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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Jamie is the author of Sentiment in the Forex Market.

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

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