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USDOLLAR Respecting Short Term Resistance Line

USDOLLAR Respecting Short Term Resistance Line

2011-12-05 15:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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300 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Respecting Short Term Resistance Line

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has plunged below a steep trendline support and reached early November highs (now support). The velocity of the decline certainly warrants questioning of the larger trend. 9900, former support and a trendline, has held as resistance which keeps the near term trend pointed lower. Trading above 9900 would shift focus to 9947.

Other TA Articles

--- 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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