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US Dollar Technical Analysis: Downward Correction Ahead?

US Dollar Technical Analysis: Downward Correction Ahead?

2014-10-02 06:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

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.

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: Downward Correction Ahead?

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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