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USDOLLAR Opportunity to Buy a Dip This Week

USDOLLAR Opportunity to Buy a Dip This Week

2012-01-09 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Opportunity to Buy a Dip This Week

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) decline from the December high is in 3 waves and the first leg of a larger impulse appears to be unfolding to begin the year. I wrote last week that “the combination of the trendline and 5 wave rally from 9856 give scope to a turn lower, albeit in a correction. 9970 is initial support.” Price is nearing 9970 and a drop below would expose the 50%-61.8% retracements at 9943 and 9922. Focus this week is on identifying a secondary low. Additional technical research can be found at DailyFX.com.

Bottom Line – buy dips below 9970, stop 9856, target open

--- 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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