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USDollar at Short Term Resistance Zone

USDollar at Short Term Resistance Zone

2012-03-20 20:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar at Short Term Resistance Zone

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

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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