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US Dollar Technical Analysis – Sellers Back on the Offensive

US Dollar Technical Analysis – Sellers Back on the Offensive

2014-06-27 05:40:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index continues to find itself under pressure as prices test below multi-year rising trend support set from July 2011. A daily close below this barrier (now at 10421) exposes a falling channel bottom at 10398, followed by double bottom support at 10375.Channel top resistance is at 10457, with a move above that exposing the 10474-95 cluster. The next topside barrier after that stands at 10531, 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 – Sellers Back on the Offensive

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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