News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Forex: US Dollar Technical Analysis – Wedge Boundary Retested

Forex: US Dollar Technical Analysis – Wedge Boundary Retested

Ilya Spivak, Head Strategist, APAC

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: 10539 (wedge top), 10495 (Mar 19 low)
  • Resistance: 10590 (23.6% Fib exp.), 10649 (38.2% Fib exp.)

The Dow Jones FXCM US Dollar Index pulled back from resistance at 10590, the 23.6% Fibonacci expansion to retest broken falling wedge resistance-turned-support at 10539. Breaking back below this barrier initially targets the March 19 low at 10495. Alternatively, a reversal back above 10590 exposes the 38.2% level at 10649.

Our long-term fundamental outlook continues to favor a stronger US Dollar against the benchmark currency’s top counterparts in the coming months. With that in mind, we will continue to hold a long position in the greenback via the Mirror Trader US Dollar currency basket. **

dailyclassics_us_dollar_index_body_Picture_3.png, Forex: US Dollar Technical Analysis – Wedge Boundary Retested

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