To receive Ilya's analysis directly via email, please SIGN UP HERE
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.
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
