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USDOLLAR Ready to Resume Downtrend

USDOLLAR Ready to Resume Downtrend

2012-09-20 22:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Ready to Resume Downtrend

Prepared by Jamie Saettele, CMT

“The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has traded below its yearlong trendline support, the April low at 9816 and the downward sloping channel…the next levels of interest are 9738 and 9672.” The bounce from just above 9738 reached resistance from the 9/11 low / 9/13 high and it’s time to start looking lower again. Resistance extends to 9990. A drop below 9797 would inspire confidence in the downside. The trend is down against 9930 towards 9672.

LEVELS: 9672 9738 9797 9865 9894 9930

--- 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.

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