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US Dollar Technical Analysis: Digesting Break of June Top

US Dollar Technical Analysis: Digesting Break of June Top

2014-08-04 03:07:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index is consolidating gains after turning higher as expected having put in a Bullish Engulfing candle pattern. A daily close above resistance at 10560, the 50% Fibonacci retracement, exposes the 61.8% level at 10606. Alternatively, a turn back below resistance-turned-support marked by the May 28 high at 10531 clears a path for a challenge of the 38.2% Fib at 10513.

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: Digesting Break of June Top

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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