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USDOLLAR Corrects Monday Advance

USDOLLAR Corrects Monday Advance

2012-06-12 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Corrects Monday Advance

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) dropped into support from the 20 day average and late May congestion. The decline from the top also consists of 2 equal waves (exact equality would be 10146.75 and the low was 10144.37). In any case, this is a good level to test the long side against 10076.” I’m looking higher towards Friday’s high of 10243 as long as Sunday’s low holds.

LEVELS: 10077 10144 10174 10220 10243 10270

--- 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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