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US Dollar Technical Analysis – Trying to Find a Lifeline

US Dollar Technical Analysis – Trying to Find a Lifeline

2014-07-08 04:46:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index began a swift recovery as expected after putting in a Bullish Engulfing candle pattern at double bottom support set from October 2013. Buyers are testing resistance at 10431, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 10452. Alternatively, a reversal below the 23.6% Fib at 10405 opens the door for a test of the 14.6% retracement at 10389.

Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Trying to Find a Lifeline

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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