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US Dollar Technical Analysis: Advance Resumes After Pause

US Dollar Technical Analysis: Advance Resumes After Pause

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index is pressing higher after launching a rally as expectedfollowing the formation of a Bullish Engulfing candle pattern. Near-term resistance is at 10652, 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 10677. Alternatively, a reversal below the 38.2% Fib at 10627 clears the way for a test of the 23.6% expansion at 10595.

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: Advance Resumes After Pause

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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