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US Dollar Technical Analysis – Pivotal Trend Support at Risk

US Dollar Technical Analysis – Pivotal Trend Support at Risk

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10426 (trend line), 10375 (double bottom)
  • Resistance:10474-95, 10531 (May 28 high)

The Dow Jones FXCM US Dollar Index turned sharply lower, putting in question the fate of the upside breakout secured in mid-May. Sellers have taken out resistance-turned-support in the 10474-95 area, exposing pivotal rising trend line support set from July 2011 (now at 10426). A break below this barrier on a daily closing basis targets a double bottom at 10375. Alternatively, a reversal back above 10495 opens the door for another test of 10531, the May 28 high.

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

US Dollar Technical Analysis – Pivotal Trend Support at Risk

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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