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USDOLLAR Working Towards Resistance Line above 10000

USDOLLAR Working Towards Resistance Line above 10000

2011-12-13 16:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Working Towards Resistance Line above 10000

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is nearing potential resistance from a trendline that extends off of the October and November highs. The line is at about 10040 today. The critical level is the October high at 10136 as a move above there would trigger a break towards the November 2010 high at 10334. A range strategy is advocated as long as price is below 10136.

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

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

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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