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USDollar Further Pressured after Drop Below 9779

USDollar Further Pressured after Drop Below 9779

2012-02-28 23:20:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Further Pressured after Drop Below 9779

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) rally failed at the 50 day average last week (RSI trendline resistance held as well) which keeps us looking lower towards the February low at 9672 and then the trendline that extends off of the August and October 2011 lows. A break of that trendline would strongly suggest continuation towards the October low (as per the above wave count) in a deep 2nd wave correction. Early March highs/lows should help position us for this next larger bear leg. The drop below 9779 increases confidence in the bearish view. 9728 is interim support.

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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