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USDollar Still Faces Trendline Resistance above 10000

USDollar Still Faces Trendline Resistance above 10000

2012-03-12 20:40:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Still Faces Trendline Resistance above 10000

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) broke through the base channel on Friday and focus is now on the trendline that extends off of the October and November highs, at about 10035. Former resistance at 9946 is now probable support and the bullish breakout is valid as long as price remains above 9877.

Bottom Line (next 5 days) – 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

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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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