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USDOLLAR Up Over 4% in May and Support is Now 10220

USDOLLAR Up Over 4% in May and Support is Now 10220

2012-05-31 23:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Up Over 4% in May and Support is Now 10220

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has exceeded channel resistance. Recent commentary was that “a break higher is ultimately expected but probably not before a much needed pullback.” That pullback is elusive but a new month offers a new perspective and pivot (in time) from which to trade. 10220 is initial support.

LEVELS: 10130 10155 10220 10310 10400 10485

--- 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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