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USDollar Making Another Attempt on Trendline

USDollar Making Another Attempt on Trendline

2012-03-21 21:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Making Another Attempt on Trendline

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is once again threatening the resistance line that extends off of the October and December highs. A break above would signal completion of the consolidation since August (nearly 8 months) and a significant breakout. I’m cautiously bullish against the 3/19 low of 9930.

Bottom Line (next 5 days) – ?

--- 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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