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USDOLLAR Attempting to Put in an Important Low

USDOLLAR Attempting to Put in an Important Low

2011-10-26 15:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Attempting to Put in an Important Low

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has is attempting to put in an important low (likely a 2nd wave low). A break above 9696 is needed in order to confirm that a low is in place. Until then, the rally from 9585 is viewed as corrective and a final drop below 9585 favored (see short term channel).

Trend Strength (M,W,D) – 1, 0, (1)

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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.

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