News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
US Dollar Technical Analysis: Rebound May Be Short-Lived

US Dollar Technical Analysis: Rebound May Be Short-Lived

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices turned lower as expected, finding initial support at 10803 marked by the 38.2% Fibonacci retracement. A bullish Piercing Line candlestick pattern hints at the potential for renewed upside momentum. However, a Doji candle formed on a test of initial resistance at 10882 – the 23.6% level – points to indecision and injects a degree of doubt in bullish follow-through. Confirmation on a close above 10882 exposes the July 8 high at 11009. Alternatively, a reversal below support aims for the 50% Fib at 10739.

dailyclassics_us_dollar_index_body_Picture_4.png, US Dollar Technical Analysis: Rebound May Be Short-Lived

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

To be added to Ilya's e-mail distribution list, please CLICK HERE

New to FX? Watch this Video. For live market updates, visit the Real Time News Feed

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

DISCLOSURES