USDOLLAR Roars into 200 day Average from Oversold Condition
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has soared and retraced all of last week’s late plunge. The July low at 9323 is the line in the sand as far as the larger USD recovery story is concerned but the alternate view (rally from May is A-B-C and a new low would be registered) is still valid as long as price is below 9813. In other words, the index is stuck between a rock and a hard place and one must wait for resolution before taking a stand.
Trend Strength (M,W,D) – 1, 0, (1)
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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