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US Dollar Technical Analysis: Topping Risk Still Looming

US Dollar Technical Analysis: Topping Risk Still Looming

2014-08-19 06:15:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index turned lower as expected, carving out a bearish Evening Star candlestick pattern and hinting at deeper pullback is ahead. Negative RSI divergence reinforces the case for weakness. Near-term support is at 10547, 14.6%Fibonacci retracement, with a daily close below that exposing the 23.6% level at 10528. Alternatively, a push above the 38.2% Fib expansion at 10582 clears the way for a test of the 50% threshold 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: Topping Risk Still Looming

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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