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USDOLLAR Spikes Higher after Completing Correction

USDOLLAR Spikes Higher after Completing Correction

2012-01-16 17:34:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Spikes Higher after Completing Correction

Prepared by Jamie Saettele, CMT

I wrote last week that “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.” After trading to 9942 on Friday, price rocketed higher. Caution is warranted however as the rally was in a spike, which tend to serve as traps. In any case, 9980/90 is support and the bullish count is valid against 9942. The alternate count is still bullish but delayed as the spike high would compose wave B of the correction.

Bottom Line – flat

--- 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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