US Dollar Technical Analysis 05.07.2013
US Dollar Technical Analysis– Prices recovered after putting in a Hammer candlestick above support in the 10424-28 area marked by the 23.6% Fibonacci retracement and the March 22 close. Buyers have now cleared resistance at 10488, the 14.6% level, exposing the March 11 high at 10576. A further push above that targets the 38.2% Fib expansion at 10655. The 10488 level has been recast as support, with a turn back beneath that eyeing 10424-28 anew.
Daily Chart - Created Using FXCM Marketscope 2.0
--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com
To contact Ilya, e-mail firstname.lastname@example.org. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya's e-mail distribution list, please CLICK HERE
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.