US Dollar Technical Analysis: Waiting for Direction Cues

DailyFX.com –

To receive Ilya’s analysis directly via email, please SIGN UP HERE

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11740, 11653, 11513
  • Resistance:11876, 11963, 12103

The Dow Jones FXCM US Dollar Index looks to have reversed downward as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above the 11854-76 zone (14.6% Fib expansion, March 2009 high) clears the way for a test of the 23.6% expansion 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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

View photo

.

US Dollar Technical Analysis: Waiting for Direction Cues

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

original source

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.

Dollar Index

dollarindex.org@privydomain.com

You may also like...

Discussion on US Dollar Technical Analysis: Waiting for Direction Cues