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Forex: US Dollar Technical Analysis – Stalling at March Bottom

Forex: US Dollar Technical Analysis – Stalling at March Bottom

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10492-502 (Mar 7 low, 38.2% Fib exp.), 10462 (50% Fib exp.)
  • Resistance: 10529 (23.6% Fib exp.), 10572 (trend line)

The Dow Jones FXCM US Dollar Index is stalling near 10502,the March 7 low, after edging below the 23.6% Fibonacci expansion at 10529. Support is reinforced by the 38.2% Fib at 10492. A push beneath the latter level targets the 50% expansion at 10462. Alternatively, a reversal above 10529 opens the door for a test of falling trend line resistance at 10572.

We continue to see the long-term US Dollar trend as favoring the upside in the months ahead. As such, we remain long via the Mirror Trader US Dollar currency basket. **

dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Stalling at March Bottom

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.

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