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US Dollar Technical Analysis: Upward Momentum Continues

US Dollar Technical Analysis: Upward Momentum Continues

2014-08-27 02:55:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index continues to push upward having set a six month high after rallying as expectedfollowing the formation of a Bullish Engulfing candle pattern. A daily close above the 61.8% Fibonacci expansion at 10679 exposes the 76.4% level at 10711. Alternatively, a move below the 50% Fib at 10654 opens the door for a challenge of the 38.2% expansion at 10629.

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: Upward Momentum Continues

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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