USDOLLAR Drop Below 9943 Would Present Long Opportunity
60 Minute Bars
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
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