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USDOLLAR Range Taking Hold

USDOLLAR Range Taking Hold

2011-10-06 15:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Range Taking Hold

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is nearing support from former resistance at 9951. 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. The pattern could take several forms and will probably be quite choppy (as 4th waves usually are). Resistance 10050 and supports 9950 and 9900. Playing the range is probably your best option in this environment.

Trend Strength (M,W,D) – 1, 2, 2

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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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