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US Dollar Technical Analysis: Signs of Recovery Emerge

US Dollar Technical Analysis: Signs of Recovery Emerge

Ilya Spivak, Head Strategist, APAC

US Dollar Technical Analysis Prices put in a Bullish Engulfing candlestick pattern, hinting a move higher is ahead. Initial resistance is at 10735, the 23.6% Fibonacci retracement, with a break above that aiming for the underside of a rising trend line set from mid-June (10772) and the 38.2% level (10787). Near-term support is at 10650, the August 8 low.

Don’t have access to the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **

dailyclassics_us_dollar_index_body_Picture_3.png, US Dollar Technical Analysis: Signs of Recovery Emerge

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

--- 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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