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US Dollar Technical Analysis: Buyers Overcome October High

US Dollar Technical Analysis: Buyers Overcome October High

2014-11-04 07:44:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexcontinued to push upward, clearing October’s swing high to touch the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11216 exposes the 50% level at 11308. Alternatively, a turn below the 11102-43 area marked by the October 3 high and the 23.6% Fib clears the way for a test of trend line support at 10987.

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: Buyers Overcome October High

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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