US Dollar Technical Analysis: Prices Aim to Extend Advance
To receive Ilya's analysis directly via email, please SIGN UP HERE
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11391, 11350, 11284
- Resistance:11457, 11511, 11565
The Dow Jones FXCM US Dollar Indexissued its strongest close in five years, with prices seemingly poised to continue marching higher. A daily close above the 38.2% Fibonacci expansion at 11457 exposes the 50% level at 11511. Alternatively, a reversal below the 23.6% Fib at 11391 clears the way for a test of the 14.6% expansion at 11350.
Daily Chart - Created Using FXCM Marketscope
** 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.