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US Dollar Technical Analysis 02.15.2013

US Dollar Technical Analysis 02.15.2013

2013-02-15 03:20:00
Ilya Spivak, Head Strategist, APAC
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US Dollar Technical Analysis Prices put in a bearish Dark Cloud Cover candlestick pattern below resistance in the 10323-26 area, marked by the 123.6% Fibonacci expansion and the 2012 yearly high. The setup hints a move lower is ahead, with negative RSI divergence reinforcing the case for a downside scenario. Near-term support is at 10248, the 100% Fib, with a break below that exposing rising channel resistance-turned-support at 10226.

Forex_US_Dollar_Technical_Analysis_02.15.2013_body_Picture_5.png, US Dollar Technical Analysis 02.15.2013

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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