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USDOLLAR Bullish RSI Trendline Break

USDOLLAR Bullish RSI Trendline Break

2012-05-08 21:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Bullish RSI Trendline Break

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) was turned back by short term channel resistance. More importantly, the index is nearing the apex of its contracting range that has been underway since last summer.” Continue to look higher but allow for corrective weakness into 9900 as long as price is within its range. The RSI break on the daily may foreshadow something more exciting for bulls.

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

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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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