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US Dollar Technical Analysis 05.08.2013

US Dollar Technical Analysis 05.08.2013

Ilya Spivak, Head Strategist, APAC

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. A turn back beneath that eyes 10424-28 anew.

Forex_US_Dollar_Technical_Analysis_05.08.2013_body_Picture_5.png, US Dollar Technical Analysis 05.08.2013

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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