USDollar Support Under 9960
60 Minute Bars
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
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