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USDOLLAR Wedge Reversal Underway; Bullish on a Dip

USDOLLAR Wedge Reversal Underway; Bullish on a Dip

Jamie Saettele, CMT, Sr. Technical Strategist

4Hour

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Wedge Reversal Underway; Bullish on a Dip

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Interested in automated trading with Mirror Trader

FOREXAnalysis: USDOLLAR looks most similar to EURUSD and USDCHF. The decline can be treated as an A-B-C from the top with wave C as a diagonal. The rally from yesterday’s low is impulsive (5 waves) and a pullback would present an opportunity to buy against 10693. Support is 10736/55.

FOREX Trading Strategy: Flat

LEVELS: 10693 10736 10755 10827 10867 10926

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

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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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