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.

Free Trading Guides
EUR/USD
Mixed
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
Oil - US Crude
Mixed
Wall Street
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
Gold
Mixed
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • RT @CadieThompson: RESTAURANT APOCALYPSE: More than 110,000 restaurants expect to close up forever in the coming weeks, with millions out o…
  • 🇺🇸 USD ADP Employment Change (MAR), Actual: -27k Expected: -150k Previous: 183k https://www.dailyfx.com/economic-calendar#2020-04-01
  • Forex Update: As of 12:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.06% 🇬🇧GBP: -0.45% 🇨🇭CHF: -0.45% 🇳🇿NZD: -1.08% 🇦🇺AUD: -1.22% 🇨🇦CAD: -1.42% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/HExKGVsOCd
  • ECB's Weidmann states that he is still skeptical of Eurobonds - Die Zeit $EUR
  • Hey, traders 👋 do you want live AMAS with our analysts, market updates and tools to improve your trading strategy? Join us now on Instagram! 👉 https://t.co/pHGzVMqsC4 https://t.co/uoyH5osnuX
  • Heads Up:🇺🇸 USD ADP Employment Change (MAR) due at 12:15 GMT (15min), Actual: N/A Expected: -150k Previous: 183k https://www.dailyfx.com/economic-calendar#2020-04-01
  • Análisis $USDMXN: Peso Mexicano cierra el primer trimestre con pérdidas superiores al 28% #usd #mxn #trading https://t.co/cPRrecg6lf
  • Moody's forecasts China real GDP growth of 3.3% for 2020
  • 🇺🇸 USD MBA Mortgage Applications (MAR 27), Actual: 15.3% Expected: N/A Previous: -29.4% https://www.dailyfx.com/economic-calendar#2020-04-01
  • Why must financial market traders monitor both monetary and fiscal policy? Find out from @MartinSEssex here: https://t.co/Fkzk88Y5gm https://t.co/gIARIOHCxS
Forex: US Dollar Technical Analysis – Still Waiting for Conviction

Forex: US Dollar Technical Analysis – Still Waiting for Conviction

2014-03-06 05:46:00
Ilya Spivak, Head Strategist, APAC
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10560 (trend line from Sep’12), 10520 (Feb 17 low)
  • Resistance: 10614 (23.6% Fib exp.), 10673 (38.2% Fib exp.)

The Dow Jones FXCM US Dollar Index is still struggling to find direction, with prices locked in a narrow consolidation range above support at a rising trend line set from September 2012. A break above resistance at 10614, the 23.6% Fibonacci expansion, initially exposes the 38.2% level at 10673. Trend line support is now at 10560, with a reversal below that eyeing the February 17 low at 10520.

Our long-term view continues to favor broad-based US Dollar strength in the months ahead. Furthermore, absent a defined break below the trend line on a daily closing basis, the medium-term uptrend remains intact. As such, we remain long the greenback via the Mirror Trader US Dollar currency basket. **

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Still Waiting for Conviction

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

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

DISCLOSURES

News & Analysis at your fingertips.