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US Dollar Technical Analysis: Rally Extends to 1-Month High

US Dollar Technical Analysis: Rally Extends to 1-Month High

2014-07-22 23:31:00
Ilya Spivak, Sr. Currency Strategist
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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 daily close above the 23.6% Fibonacci retracement at 10456 initially exposes the 38.2% level at 10513. Alternatively, reversal below rising trend line support set from the July 1 low at 10430 opens the door for a test of the July 9 low at 10392, followed by a triple bottom in the 10354-75 area.

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: Rally Extends to 1-Month High

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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