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USDOLLAR Reverses at Technical Confluence-Resistance above 10100

USDOLLAR Reverses at Technical Confluence-Resistance above 10100

2012-08-02 21:09:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Reverses at Technical Confluence-Resistance above 10100

Prepared by Jamie Saettele, CMT

The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) reversed sharply today from the short term internal downward sloping channel, 100% extension of the decline from the July high at 9986, and trendline that extends off of the February and April lows. Keep in mind recent comments that called for “corrective strength above 10060 before lower levels are registered. 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.” The index has entered the resistance zone. Keep an eye on 10110. A deeper decline into mid-August (as per the 1995/96 model) is still possible and could reach the 100% extension of the decline from the June high at 9940.

LEVELS: 9982 10036 10057 10110 10133 10173

--- 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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