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US Dollar Technical Analysis – Sharp Selloff Takes a Break

US Dollar Technical Analysis – Sharp Selloff Takes a Break

2014-05-07 23:45:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10359 (38.2% Fib exp.), 10336 (channel floor)
  • Resistance: 10411 (23.6% Fib ret.), 10443 (14.6% Fib exp.)

The Dow Jones FXCM US Dollar Index corrected cautiously higher after producing the largest decline in a month yesterday. Near-term resistance is at 10411, the 23.6% Fibonacci expansion, with a break back above that on a daily closing basis initially targeting the 14.6% level at 10443. Renewed downward momentum aims for 10359, the 38.2% Fib. A break below that eyes the bottom of a falling channel guiding the down trend since the beginning of the year, now at 10336.

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 – Sharp Selloff Takes a Break

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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