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USDOLLAR Trendline Support Fails

USDOLLAR Trendline Support Fails

2012-01-03 18:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Trendline Support Fails

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) trendline support has failed thus focus is on the December low at 9785 and early 11/9 low at 9665 (200 day average is just above). A bounce from here encounters resistance at 9900 and 9920 and bears are firmly in control below 9963.

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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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