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US Dollar Technical Analysis: Candle Hints at Pullback Ahead

US Dollar Technical Analysis: Candle Hints at Pullback Ahead

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Talking Points:

The Dow Jones FXCM US Dollar Index may be readying to turn lower after prices put in a Shooting Star candlestick. Near-term support is at 11577, the 38.2% Fibonacci expansion, with a break below that on a daily closing basis exposingthe 11489-522 area marked by the December 8 top and the 23.6% level. Alternatively, a turn above the 50% Fib at 11577 clears the way for a test of the 61.8% expansion at 11719.

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.

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 provides forex news and technical analysis on the trends that influence the global currency markets.