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US Dollar Technical Analysis: Downward Correction Ahead?

US Dollar Technical Analysis: Downward Correction Ahead?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index may correct lower after rising as expected after showing a Bullish Engulfing candlestick pattern. The appearance of negative RSI divergence below resistance at 10560, the 50% Fibonacci retracement, hints at ebbing upside momentum. A break below the 38.2% level at 10513 on a daily closing basis exposes a rising trend line established from the July 1 low, now at 10484. Alternatively, a move above 10560 clears the way for a challenge of the 61.8% Fib at 10606.

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: Downward Correction Ahead?

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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