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US Dollar Technical Analysis – Candles Hint at Rebound

US Dollar Technical Analysis – Candles Hint at Rebound

2014-04-14 05:00:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10439 (61.8% Fib exp.), 10475-84 (channel floor, 23.6% Fib ret.)
  • Resistance: 10401 (76.4% Fib exp.), 10339 (100% Fib exp.)

The Dow Jones FXCM US Dollar Index put in a bullish Piercing Line candlestick pattern above support at 10401, the 76.4% Fibonacci expansion, hinting a bounce may be ahead. Breaking above the 61.8% expansion at 10439 exposes the 10475-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. Alternatively, a reversal downward below support aims for the 100% expansion at 10339.

Our long-term fundamental view continues to call for a stronger US Dollar against its key counterparts in the months ahead. As such, we remain long the benchmark currency via theMirror Trader US Dollar currency basket.

dailyclassics_us_dollar_index_body_Picture_12.png, US Dollar Technical Analysis – Candles Hint at Rebound

Weekly 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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