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USDOLLAR Wave Pattern a Thing of Beauty

USDOLLAR Wave Pattern a Thing of Beauty

2012-06-21 23:30:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Wave Pattern a Thing of Beauty

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) wave count is breathtaking. Waves A and B of the 3 wave decline both divide into 5 waves while the rally off of the low is has that unmistakable impulsive feel. If the low is in place, then the USD is likely to trade sideways to down over the next few days; first to complete 5 wave up from the low and then to correct said advance. 10187 is resistance. On the daily, RSI bottomed at 40 on the nose yesterday, which is common practice for the indicator in a larger bull market.

LEVELS: 10092 10114 10145 10187 10221 10242

--- 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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