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USDollar Reverses Sharply Before 200 Day Average

USDollar Reverses Sharply Before 200 Day Average

2012-02-29 02:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Reverses Sharply Before 200 Day Average

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) soared today but remains within the confines of its recent range. The strong rally (outside day) today could be the beginning of something more bullish but a break above 9896 is needed in order to increase confidence in a bullish outlook. As a trader, I would go with the break of Wednesday’s range and place a stop on the other side.

Bottom Line – sideways / higher?

--- 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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