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USDOLLAR Breakout is Valid against 10076

USDOLLAR Breakout is Valid against 10076

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Breakout is Valid against 10076

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) traded above its October high last week. Near term structure is favorable above 10076 towards a new high but probably in a 5th wave. In other words, a new high probably gives way to a correction back below 10076 rather than the next major move. 10219 is a level to watch on the upside. 10111 is near term support.

LEVELS: 10310 10219 10076 10050 10019 9976

--- 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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