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USDollar Reverses-at Short Term Support Line

USDollar Reverses-at Short Term Support Line

2012-02-24 14:13:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Reverses-at Short Term Support Line

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rally reversed just shy of the 61.8% retracement of the 10054-9672 decline and 61.8% extension of the 9672-9878 rally. The 50 day average held and price is now testing a short term support line. A drop under 9779 would confirm the advance from 9672 as a 3 wave affair and put the January low in play.

Bottom Line – Lower

--- 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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