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US Dollar Technical Analysis: Prices Soar to 4-Month High

US Dollar Technical Analysis: Prices Soar to 4-Month High

2014-07-31 05:45:00
Ilya Spivak, Sr. Currency Strategist
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Talking Points:

The Dow Jones FXCM US Dollar Index continues to advance as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 38.2% Fibonacci retracement at 10513 has exposed the May 28 high at 10531. Pushing further beyond that targets the 50% level at 10560. Alternatively, reversal back below 10513 opens the door for a challenge of a horizontal pivot at 10481, followed by the intersection of a rising trend line set from the July 1 low and the 23.6% Fib at 10456.

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 Soar to 4-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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