US Dollar Technical Analysis: Slow Upward Drift Continues
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10431, 10409, 10375
- Resistance:10452, 10473, 10499
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 daily close above the 50% Fibonacci retracement at 10452, initially exposes the 61.8% level at 10743. Alternatively, reversal below the 38.2% Fib at 10431 opens the door for a challenge of rising trend line support at 10409, followed by a triple bottom established from October 2013 in the 10354-75 area.
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.