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US Dollar Classic Technical Report 08.15.2012

US Dollar Classic Technical Report 08.15.2012

2012-08-15 05:22:00
Ilya Spivak, Head Strategist, APAC
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Prices are edging higher from support marked by a rising trend line established from late July 2011 (10005) and the 76.4% Fibonacci expansion (9995) to test above resistance is at 10038, the intersection of the 61.8% Fib and a falling trend line set from the July 12 high. A break higher initially targets 10096, the August 2 high. Alternatively, a reversal below support exposes the 100% expansion at 9925.

US_Dollar_Classic_Technical_Report_08.15.2012_body_Picture_5.png, US Dollar Classic Technical Report 08.15.2012

Dow Jones FXCM US Dollar Index - Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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