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US Dollar Technical Analysis: Downturn Warning Still Valid

US Dollar Technical Analysis: Downturn Warning Still Valid

2014-11-18 03:36:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexappears vulnerable to a correction lower having produced a bearish Dark Cloud Cover candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. A daily close below the 14.6% Fibonacci expansion at 11263 exposes the 23.6% Fib retracement at 11227. Alternatively, a move above the 23.6% expansion at 11298 opens the door for a challenge of the 38.2% threshold at 11354.

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: Downturn Warning Still Valid

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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