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US Dollar Technical Analysis: Bounce Cut Short at Resistance

US Dollar Technical Analysis: Bounce Cut Short at Resistance

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. A recovery has been mounted from a support cluster in the 10510-576 area, marked by the 38.2% Fibonacci retracement, the March 8 high, and a rising trend line set from mid-December 2012. A break above initial resistance at 10655 exposes the next upside barrier at 10697. Alternatively, a push below 10510 exposes the 50% Fib at 10397.

dailyclassics_us_dollar_index_body_Picture_6.png, US Dollar Technical Analysis: Bounce Cut Short at Resistance

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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