US Dollar Technical Analysis: Turn Downward Expected

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11740, 11653, 11513
  • Resistance:11791, 11888, 11983

The Dow Jones FXCM US Dollar Index continues to look vulnerable as a bearish Evening Star and negative RSI divergence warn of oncoming losses. A daily close below 11740-86 area marked by a rising trend line and the 14.6% Fibonacci retracement exposes the 23.6% level at 11653. Alternatively, a break above the 11854-76 zone (March 2009 high, 14.6% Fib expansion) opens the door for a challenge of the 23.6% threshold at 11963.

We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

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US Dollar Technical Analysis: Turn Downward Expected

Daily Chart – Created Using FXCM Marketscope

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.

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