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USDOLLAR Trend Clarification Expected in Next 2 Days

USDOLLAR Trend Clarification Expected in Next 2 Days

2012-01-11 00:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Trend Clarification Expected in Next 2 Days

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 is complete at 10039. There are 2 developments from the current level that seem most probable. Exceeding today’s high from the current level would suggest that 9946 is the low of wave 2. Until then, I favor weakness below 9946 in order to complete a corrective decline from 10039.

Bottom Line – long, 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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