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Forex: US Dollar Technical Analysis – Bounce Appears to be Corrective

Forex: US Dollar Technical Analysis – Bounce Appears to be Corrective

Ilya Spivak, Head Strategist, APAC

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.

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, Forex: US Dollar Technical Analysis – Bounce Appears to be Corrective

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

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