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US Dollar Technical Analysis: Further Gains Expected Ahead

US Dollar Technical Analysis: Further Gains Expected Ahead

2014-07-17 04:21:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index continues to push higher having reversed upward as expected after producing a Bullish Engulfing candle pattern. Sellers now aim to challenge the 50% Fibonacci retracement at 10452, with a break above that on a daily closing basis exposing the 61.8% level at 10743. Alternatively, a move back below the 38.2% Fib at 10431 targets trend line support at 10406, followed by a long-standing triple bottom in the 10354-75 area.

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: Further Gains Expected Ahead

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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