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USDOLLAR Responds to Trendline and Retracement Confluence

USDOLLAR Responds to Trendline and Retracement Confluence

2013-10-23 21:28:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

eliottWaves_us_dollar_index_body_usdollar.png, USDOLLAR Responds to Trendline and Retracement Confluence

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-The USDOLLAR has now retraced half of the advance from the Sep 2012 low.

-Price has responded to the downward sloping line that stemmed the decline after the no-taper announcement on 9/18. A push above 10437 is needed to suggest that the market is even trying to turn.

Trading Strategy: Flat

LEVELS: 10300 10323 10370 | 10437 10469 10494

--- 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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