USDollar Rally Stalling at Channel
Prepared by Jamie Saettele, CMT
“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) may be turning the corner. Technically, bulls’ position is now supported by the 20 day average hold, 2/29 reversal and break above the confluence of the trendline resistance and the 50 day average. A bullish bias is warranted as long as price is above 9836. Interim resistance is 9940 but focus is on the trendline near 10000.” Beware of a pause here as price is testing channel resistance. 9890 and 9870 are supports in the coming days.
Bottom Line (next 5 days) – sideways
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
To contact Jamie e-mail firstname.lastname@example.org. 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 email@example.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.