US Dollar Technical Analysis: Downward Correction Ahead?
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11033, 10983, 10953
- Resistance:11074, 11114, 11164
The Dow Jones FXCM US Dollar Indexput in a Shooting Star candlestick, hinting a pullback may in the cards. Near-term support is at 11033, marked by the intersection of the 38.2% Fibonacci expansion and a rising trend line. A break below that on a daily closing basis exposes the 23.6% level at 10983. Alternatively, a push above the 50% Fib at 11074 opens the door for a challenge of the 61.8% expansion at 11114.
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.