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USDollar Supported from Former Resistance

USDollar Supported from Former Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Supported from Former Resistance

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low today occurred right at the 2/22 high (former resistance becomes support). Bullish evidence includes a positively sloped 20 day average (and 20 day above 50 day average) and daily RSI bouncing off of 50. Bearish evidence is simply the fact that price remains confined to a range (albeit it the upper end of its nearly 12 month range). Exceeding Monday’s high would warrant a cautious bullish bias.

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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