We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Bitcoin
Bearish
More View more
Real Time News
  • RT @RichFedResearch: Richmond Fed's latest review of data on the national #economy: https://t.co/8qyomGl60w
  • $USD hegemony is at risk thanks to changes in the global economy and the long-term consequences of the US-China trade war. Get your market update from @CVecchioFX here:https://t.co/5GO9UrvO4y https://t.co/dEPIZsxEX2
  • RT @StockBoardAsset: $vix almost +15% https://t.co/aT9J3bGAup
  • The $RUT is holding above prior resistance and trades slightly lower on the day despite a noticeable uptick in the $VIX https://t.co/FUP8iWdrL9
  • Timeline of US-China #tradewar negotiations - Source: Credit Suisse Research https://t.co/CArkRImpyy
  • #Crypto update: $BTC -2% $BCH -3% $LTC -2.7% $XRP -2.9% $ETH -2%
  • President Trump: We're doing very well on #USMCA, hearing from unions that it is looking very good $USDCAD $USDMXN
  • US Dollar Returns to Resistance Ahead of CPI, FOMC https://www.dailyfx.com/forex/fundamental/article/drivers_of_price_action/2019/12/09/us-dollar-holds-key-resistance-ahead-of-cpi-fomc-usd-price-chart-js56.html https://t.co/tcJR97ZjxZ
  • Poll: Volatility levels are exceptionally low across the financial system and activity is mean reverting. Also worth noting volatility and risk assets (like the Dow) move inversely to each other. When do you think volatility will 'normalize' (likely explode, then settle higher)?
  • Commodities Update: As of 19:00, these are your best and worst performers based on the London trading schedule: Silver: 0.13% Oil - US Crude: 0.01% Gold: -0.01% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/YiXXwwfBML
US Dollar Technical Analysis: Pullback Appears Corrective

US Dollar Technical Analysis: Pullback Appears Corrective

2014-07-09 05:08:00
Ilya Spivak, Sr. Currency Strategist
Share:

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

The Dow Jones FXCM US Dollar Index rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A shallow pullback looks corrective in the context of the upside breakout. A daily close above resistance at 10431, the 38.2% Fibonacci retracement, targets the 50% level at 10452. Alternatively, a turn back below the 23.6% Fib at 10405 clears the way for a challenge of the 14.6% retracement at 10389.

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: Pullback Appears Corrective

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.

DISCLOSURES

News & Analysis at your fingertips.