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US Dollar Technical Analysis: Rally Extends to 5-Month High

US Dollar Technical Analysis: Rally Extends to 5-Month High

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index continues to push higher having reversed upward as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 38.2% Fibonacci expansion at 10582 exposes the 50% level at 10606. Negative RSI divergence warns a pullback may be around the corner. A turn below support at 10554, the 23.6% Fib, opens the door for a test of the 14.6% expansion at 10536.

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: Rally Extends to 5-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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