Forex: US Dollar Technical Analysis – Bounce Appears to be Corrective
US Dollar Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above initial resistance is at 10735, the 23.6% Fibonacci retracement, has exposed the 10779-87 area, marked by the underside of a rising trend line set from mid-June and the 38.2% level. A push beyond that aims for the 50% level at 10830. Alternatively, a move back below 10735 eyes the August 8 lowat 10650.
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
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