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US Dollar Technical Analysis 05.24.2013

US Dollar Technical Analysis 05.24.2013

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices put in a Dark Cloud Cover candlestick pattern, hinting a move lower may be ahead. Negative RSI divergence reinforces the case for a downside scenario. Initial support is at 10763, the 23.6% Fibonacci retracement, with a break below that targeting the 38.2% level at 10694. Near-term resistance is at 10876, the May 23 high.

Forex_US_Dollar_Technical_Analysis_05.24.2013_body_Picture_5.png, US Dollar Technical Analysis 05.24.2013

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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