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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11858, 11679, 11534
- Resistance:12066, 12177, 12356
The Dow Jones FXCM US Dollar Index declined as expected after putting in a bearish Evening Star candlestick pattern. Near-term support is in the 11858-86 area (March 18 low, 23.6% Fibonacci retracement), with a break below that on a daily closing basis exposing the 38.2% level at 11679. Alternatively, a turn above the 14.6% Fib expansion at 12066 clears the way for a test of the 12149-77 zone (March 13 high, 23.6% threshold).
Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.
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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
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