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USDOLLAR Roars into 200 day Average from Oversold Condition

USDOLLAR Roars into 200 day Average from Oversold Condition

2011-10-31 14:56:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, 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)

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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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