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US Dollar Technical Analysis: Readying to Resume Uptrend?

US Dollar Technical Analysis: Readying to Resume Uptrend?

2014-10-23 05:29:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexmoved lower as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 10959 exposes the 10845-74 area marked by a falling channel bottom and the 38.2% level. Alternatively, a push above the channel top at 11026 clears the way for a test of the 11102-43 zone (23.6% Fib expansion, October 3 high).

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: Readying to Resume Uptrend?

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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