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
US Dollar Technical Analysis: Prices Push to 5-Week High

US Dollar Technical Analysis: Prices Push to 5-Week High

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 continues to push higher 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 has exposed a horizontal pivot at 10481. Pushing further beyond that targets the 38.2% level at 10513. Alternatively, reversal back below 10456 opens the door for a challenge of a rising trend line set from the July 1 low at 10439.

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: Prices Push to 5-Week 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.

DISCLOSURES