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USDOLLAR Drop Below 9943 Would Present Long Opportunity

USDOLLAR Drop Below 9943 Would Present Long Opportunity

2012-01-12 19:57:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Drop Below 9943 Would Present Long Opportunity

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. Expectations are for weakness below 9946 in order to complete a corrective decline from 10039. There is a cluster of support under 9946 from former resistance (9923), the 61.8% retracement of the rally from 9856 (9926), and where wave c = wave a (9932).

Bottom Line – long on dip into 9923/32, 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

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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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