US Dollar Technical Analysis: Down Move Could Be Next
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10800, 10756, 10730
- Resistance:10844, 10914, 10984
The Dow Jones FXCM US Dollar Indexmay be preparing to turn lower after putting in a Shooting Star candle having set a new 2014 high. Near-term support is at 10800, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively, a push above the 76.4% Fib at 10844 opens the door for a challenge of the 100% expansion at 10914.
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.