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USDOLLAR Resistance Expected above 10100

USDOLLAR Resistance Expected above 10100

2012-08-01 23:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Resistance Expected above 10100

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reversed from its lowest level since 5/11. The last few days’ comments were to “Allow for corrective strength above 10060 before lower levels are registered.” The index may extend a bit higher. Expect resistance in the coming days from 10087 and 10110. The latter level, defined by the 61.8% retracement and former support, would figure to provoke a reaction. Keep in mind the short term internal downward sloping channel and 100% extension of the decline from the July high at 9986. A deeper decline into mid-August (as per the 1995/96 model) could reach the 100% extension of the decline from the June high at 9940.

LEVELS: 10020 10046 10064 10087 10110 10133

--- 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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