USDollar at Short Term Resistance Zone
60 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote last night that “the specter of 5 waves down from 10097 in “the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) demands that we respect potential for a corrective move back to 9983-10000.” Price has rebounded to 10011. Additional consolidation / strength towards 10033/44 is possible but the 5 wave decline from 10097 suggests that the larger trend is down.
Bottom Line (next 5 days) – sideways / down?
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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