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US Dollar Technical Analysis: Risk of Down Move Ahead

US Dollar Technical Analysis: Risk of Down Move Ahead

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index may be setting up for a pullback after rallying as expected having put in a Bullish Engulfing candle pattern. The emergence of negative RSI divergence below resistance at 10560, the 50% Fibonacci retracement, warns of ebbing upside momentum. A daily close below the 38.2% level at 10513 exposes a rising trend line established from the July 1 low, now at 10489. Alternatively, a push through resistance opens the door for a test of the 61.8% Fib at 10606.

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: Risk of Down Move 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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