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US Dollar Technical Analysis – Buyers Set Two-Month High

US Dollar Technical Analysis – Buyers Set Two-Month High

2014-05-29 04:35:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

The Dow Jones FXCM US Dollar Index is aiming upward after setting a double bottom at 10375 and breaking through the top of a falling channel guiding the down trend since January. Buyers have overcome resistance in the 10474-95 area, opening the door for a challenge of the next key threshold in the 10589-619 region. A further break beyond that exposes year-to-date highs above 10700. Alternatively, a reversal back below 10474 targets channel top support-turned-resistance at 10439.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Buyers Set Two-Month High

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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