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US Dollar Technical Analysis: Working on Sixth Straight Gain

US Dollar Technical Analysis: Working on Sixth Straight Gain

2014-09-15 03:31:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexis attempting to extend the latest leg of its two-month rally with a sixth consecutive daily gain. A daily close above the 38.2% Fibonacci expansion 10871 exposes the 50% level at 10919. Alternatively, a turn below the 23.6% Fib at 10812 clears the way for a test of the 10759-75 area marked by the January 2014 high and the 14.6% expansion.

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.

US Dollar Technical Analysis: Working on Sixth Straight Gain

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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