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US Dollar Technical Analysis: Candle Setup Warns of Losses

US Dollar Technical Analysis: Candle Setup Warns of Losses

2014-12-10 03:38:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index may be preparing for a pullback having put in a bearish Evening Star candlestick pattern below a five-year high. A daily close below the 14.6% Fibonacci retracement at 11434 exposes the 23.6% level at 11379. Alternatively, a turn above the 23.6% Fib expansion at 11528 opens the door for a challenge of the 38.2% threshold at 11616.

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: Candle Setup Warns of Losses

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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