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FOREX Technical Analysis: USDOLLAR Shows Signs of Exhaustion

FOREX Technical Analysis: USDOLLAR Shows Signs of Exhaustion

2012-11-22 00:59:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

FOREX_Technical_Analysis_USDOLLAR_Shows_Signs_of_Exhaustion__body_usdollar.png, FOREX Technical Analysis: USDOLLAR Shows Signs of Exhaustion

Chart Prepared by Jamie Saettele, CMT

FOREXAnalysis: While the Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) has failed to extend to new highs in order to satisfy 5 waves up from 9892, respect potential for a reversal from current levels as the advance from Monday’s low is impulsive. This raises the possibility of truncation (5th wave failing to exceed the wave 3 price extreme).

FOREX Trading Strategy: A neutral stance is warranted at the current juncture.

LEVELS: 9935 9961 10001 10071 10090 10100

--- 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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