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US Dollar Technical Analysis: Down Move Could Be Next

US Dollar Technical Analysis: Down Move Could Be Next

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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.

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: Down Move Could Be Next

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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