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US Dollar Technical Analysis: Trend Support at Risk Anew

US Dollar Technical Analysis: Trend Support at Risk Anew

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices moved lower as expected after putting in a Bearish Engulfing candlestick pattern. A mild recovery faltered at resistance marked by the 38.2% Fibonacci retracement at 10655. Sellers now challenge a key support cluster in the 10510-576 area, marked by a longer-term 38.2% Fib, the March 8 high, and a rising trend line set from mid-December 2012. A drop beneath that initially aims for the 50% level at 10397.

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Trend Support at Risk Anew

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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