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US Dollar Technical Analysis: Consolidating Near 4-Month High

US Dollar Technical Analysis: Consolidating Near 4-Month High

2014-08-05 01:48:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index is digesting gains having hit a four-month high after rising as expected following the formation of a Bullish Engulfing candle pattern. Near-term resistance is at 10560, the 50% Fibonacci retracement, with a daily close above that exposing the 61.8% level at 10606. Alternatively, a reversal below resistance-turned-support in the 10513-27 area marked by the May 28 high and 38.2% Fib opens the door for a test of a horizontal pivot in play since late April at 10481.

We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Consolidating Near 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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