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US Dollar Technical Analysis – Recovery Aiming to Continue

US Dollar Technical Analysis – Recovery Aiming to Continue

2014-04-24 01:52:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10468 (38.2% Fib ret.), 10444 (23.6% Fib ret.)
  • Resistance: 10488 (50% Fib ret.), 10508 (61.8% Fib ret.)

The Dow Jones FXCM US Dollar Index edged above resistance at 10468, the intersection of the 38.2% Fibonacci retracement and the underside of a falling channel set from mid-February. Buyers now aim to challenge the 50% level at 10488, with a further break above that exposing the 61.8% Fib at 10508. A turn back below 10468 aims for the 23.6% retracement at 10444.

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

US Dollar Technical Analysis – Recovery Aiming to Continue

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

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