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US Dollar Technical Analysis: New Pullback Warning Emerges

US Dollar Technical Analysis: New Pullback Warning Emerges

2014-11-21 00:47:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Indexmay be topping having hit a five-year high following the formation of a Shooting Star candlestick. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 11278, the 14.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the November 17 low at 11219. Alternatively, a turn above the 23.6% level at 11315 opens the door for a challenge of the 38.2% Fib at 11374.

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: New Pullback Warning Emerges

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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