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USDOLLAR Support Extends to 10130

USDOLLAR Support Extends to 10130

2012-07-09 20:50:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Support Extends to 10130

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is bullish against 10025. A drop below 10025 would shift focus to the 61.8% retracement of the rally from the 4/30 low at 10005, the 5/7 high at 9975 and trendline support. One would think that this zone, which was former resistance from November 2011 – January 2012 and throughout March and April, is now support. I’m also closely watching the 1995/96 pattern for clues.” A move above 10193 would still face resistance at 10220. Near term pattern is constructive and 10130/55 is support.

LEVELS: 10115 10130 10155 10191 10220 10245

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com.  Follow me on Twitter @JamieSaettele

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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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