Prepared by Jamie Saettele, CMT
All you need to know right now about the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is that 9893 defines the trend (above is bullish and below is bearish). A drop below would negate my bullish bias and shift focus to the trendline that extends off of the February lows and 100% extension at 9843 (reinforced by former congestion). Short term pattern remains constructive (impulsive rally from 9899.42 and corrective decline so far from 999.64).
Bottom Line (next 5 days) – higher?
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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Jamie is the author of Sentiment in the Forex Market.