US Dollar Technical Analysis: Candle Setup Hints at Pullback
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11648, 11577, 11489
- Resistance:11719, 11807, 11950
The Dow Jones FXCM US Dollar Index may be preparing to turn lower after prices put in a Shooting Star candlestick. A daily close below the 50% Fibonacci expansionat 11648 exposes the 38.2% level at 11577. Alternatively, a push above the 61.8% Fib at 11719 opens the door for a challenge of the 76.4% expansion at 11807.
Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding 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.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.