USDOLLAR at Risk of Drop Below 9800
300 Minute Bars
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 towards the range low 9800. Trading above 9900 would shift focus to 9947.
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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