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US Dollar Technical Analysis – Key Double Bottom at Risk

US Dollar Technical Analysis – Key Double Bottom at Risk

2014-07-02 04:24:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index is trying to breach a double bottom in play since October 2013 after breaking a trend line set from July 2011. Near-term support is at 10364, the 76.4% Fibonacci expansion. A daily close below that targets the 10354-9 area marked by the double bottom’s outer layer and the floor of a falling channel set from early June. Alternatively, a move above resistance 10382, the 61.8% level, aims for the 50% Fib at 10397.

While yesterday’s trend line break is an ominous sign for our long-term outlook favoring US Dollar strength, it seems prudent to wait for confirmation on a push through double bottom before declaring a reversal. With that in mind, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Key Double Bottom 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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