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US Dollar Technical Analysis: Rally Pauses Before US Jobs Data

US Dollar Technical Analysis: Rally Pauses Before US Jobs Data

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11391, 11350, 11284
  • Resistance:11457, 11511, 11565

The Dow Jones FXCM US Dollar Indexstalled to consolidate gains after establishing yet another five-year high ahead of the much-anticipated US Employment report. A daily close above the 38.2% Fibonacci expansionat 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.

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: Rally Pauses Before US Jobs Data

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.

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