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US Dollar Technical Analysis: Three-Day Win Streak Broken

US Dollar Technical Analysis: Three-Day Win Streak Broken

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexrecoiled downward after putting the benchmark currency at the highest level in seven months. A daily close below the 76.4% Fibonacci expansion at 10657 exposes the 10629-35 area marked by a rising trend line and the 61.8% level. Alternatively, reversal above the 100% Fib at 10703 opens the door for a challenge of the 123.6% expansion at 10749.

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: Three-Day Win Streak Broken

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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