USDOLLAR Friday High Serves as Pivot Near 9800
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) advanced Friday to test the February high but failed today. Near term structure lacks clarity (several valid interpretations) but the contracting nature of price action from the 2011 low may be a large triangle. With this in mind, the USDOLLAR could still test slightly lower levels (November low) before turning higher for several months.
Bottom Line – flat
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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