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USDOLLAR Recovers to End Unchanged

USDOLLAR Recovers to End Unchanged

Jamie Saettele, CMT, Sr. Technical Strategist

Weekly Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Recovers to End Unchanged

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is nearing the apex of its contracting range that has been underway since last summer.” An explosion higher may be in the works as price has exceeded the trendline that extends off of the March and April highs. Above 10134 would confirm as much. Medium term players should trade from the long side with a stop below the Maylow. 9900/35 is support.

LEVELS: 10097 10038 9935 9900 9827

--- 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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