News & Analysis at your fingertips.

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. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.33% Silver: 0.05% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/1qRqMHuB6V
  • The recent AUD/JPY rally appears to be stalling below 86.000, with the pair relatively flat on the session $AUDJPY https://t.co/xfNKmmhJdq
  • #Euro Technical Forecast: $EURUSD Pressured into #ECB- Breakout Levels - https://t.co/RG2nfQrqsF https://t.co/ceYY2Dk1Eo
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.05%, while traders in USD/JPY are at opposite extremes with 73.98%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/j6NdfK7lpf
  • A day full of meetings and I've always had one eye fixed on this $GOOG rally. Last nights afterhours reticence didn't do this stock (and MSFT) justice. Impressive https://t.co/tEwaqSt5lm
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: FTSE 100: 0.29% US 500: 0.22% France 40: 0.19% Germany 30: 0.13% Wall Street: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/aH5WxfeKWP
  • RT @DeItaone: *Natural Gas Jumps 4.3% to Session-High $6.134 Ahead of Contract Expiration
  • Bitcoin prices have recently pulled-back from the recent high, at around $67,000 after the release of the futures ETF last week. Get your $btc market update from @Tams707 here:https://t.co/XyzhVzbuZ6 https://t.co/0THpHEKyRC
  • Billionaire tax out apparently https://t.co/ec6T1BayyW
  • RT @BrendanFaganFx: 75 counterparties take $1.433 trillion at Fed's fixed-rate reverse repo $USD $DXY https://t.co/0yeHFJVUuf
US Dollar Technical Analysis: Attempting to Build Upward

US Dollar Technical Analysis: Attempting to Build Upward

Ilya Spivak, Head Strategist, APAC

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 that cleared resistance at the top of a falling channel set from early June. A daily close above resistance at 10431, the 38.2% Fibonacci retracement, targets the 50% level at 10452. Alternatively, a turn below triple bottom support in the 10354-75 area targets a multi-year horizontal pivot in play since August 2010 at 10306.

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: Attempting to Build Upward

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