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USDOLLAR Former Resistance at 9800 Holds

USDOLLAR Former Resistance at 9800 Holds

2011-12-08 17:31:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Former Resistance at 9800 Holds

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 (from up to sideways). After spiking lower this morning, the USDOLLAR is at resistance from the 20 day average. The recent range high near 9900 and former support at 9946 are levels of interest going forward.

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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