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USDOLLAR 10000 Still Viewed as Level of Opportunity

USDOLLAR 10000 Still Viewed as Level of Opportunity

2012-06-27 21:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
Share:

240 Minute Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR 10000 Still Viewed as Level of Opportunity

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is bullish against 10025. Waves A and B of the 3 wave decline both divide into 5 waves while the rally from 10025 is impulsive. Dips should be bought. Support is clustered around 10000 (former pivots at 10092 and 10111). On the daily, RSI bottomed at 40 on the nose last week, which is common practice for the indicator in a larger bull market.

LEVELS: 10067 10090 10111 10190 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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