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USDollar Support Under 9960

USDollar Support Under 9960

Jamie Saettele, CMT, Sr. Technical Strategist

60 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDollar Support Under 9960

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is well off of its best levels from last week but the decline presents a ‘buy the dip’ opportunity. 9950/60 is support. A break above 10097 and 10134 are expected in the coming weeks. Reasons to turn bullish ahead of the break include alignment of moving averages (shorter above longer) and daily RSI action, which continues to bounce from near 50 (a bullish characteristic).

Bottom Line (next 5 days) – higher

--- 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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