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US Dollar Technical Analysis – Biggest Drop in a Month Recorded

US Dollar Technical Analysis – Biggest Drop in a Month Recorded

2014-05-07 01:50:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10359 (38.2% Fib exp.), 10339 (channel floor)
  • Resistance: 10411 (23.6% Fib ret.), 10443 (14.6% Fib exp.)

The Dow Jones FXCM US Dollar Index issued its largest drop in a month, bringing greenback to the weakest level since October 2013. Sellers now aim to challenge the 38.2% Fibonacci expansion at 10359. A break below this barrier exposes the bottom of a falling channel guiding the down trend since the beginning of the year, now at 10339. Alternatively, a move back above the 23.6% level at 10411 aims for the 14.6% Fib at 10443.

We continue to look for longer-term US Dollar strength in line with our fundamental outlook. As such, we remain long the benchmark currency via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Biggest Drop in a Month Recorded

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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