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US Dollar Technical Analysis: A Double Top in the Works?

US Dollar Technical Analysis: A Double Top in the Works?

2014-12-19 04:35:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index stalled below its five-year high after posting the largest daily advance in 18 months. Negative RSI divergence warns of ebbing upside momentum, hinting a double top may be in the works. Near-term support is at 11489, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11379. Alternatively, a turn above the December 8 high at 11522 clears the way for a test of the 38.2% Fib expansion at 11577.

We remain broadly bullish on the US Dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via the Mirror Trader US Dollar currency basket.

US Dollar Technical Analysis: A Double Top in the Works?

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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