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USDOLLAR Faces 20 Day Average

USDOLLAR Faces 20 Day Average

2012-05-03 23:03:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Faces 20 Day Average

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is at resistance from former support and the 20 day average. Is a low in place? Maybe but I wouldn’t chase the rally at this level. Look lower over the next 1-2 days towards 9876. Action around there should tip us off to the next move.

Ideas:

--- 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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