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US Dollar Technical Analysis: Digesting Following Pullback

US Dollar Technical Analysis: Digesting Following Pullback

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Indexis in digestion mode after turning lower as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracementat 10942 exposes the 50% level at 10880. Alternatively, a reversal above the 23.6% Fib expansion at 11069 clears the way for a test of the 38.2% threshold at 11146.

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: Digesting Following Pullback

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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