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USDollar Wedged Between Trendline and 20 Day Average

USDollar Wedged Between Trendline and 20 Day Average

2012-03-29 23:35:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Wedged Between Trendline and 20 Day Average

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker:) low this week 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 (9998) would warrant a bullish bias in anticipation of a break above 10032 and 10097.

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

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

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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