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Talking Points:
- 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 topping as prices produce a Shooting Star candlestick after setting a fresh 2014 high. A daily close below the 61.8% Fibonacci expansion at 10800 exposes the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively, a push above the 76.4% Fib at 10844 clears the way for a test of the 100% expansion at 10914.
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.
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
