US Dollar Technical Analysis: Candle Setup Hints at Pullback
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11772, 11715, 11584
- Resistance:11888, 11983, 12077
The Dow Jones FXCM US Dollar put in a Shooting Star candlestick pattern below multi-year resistance, hinting a pullback may be ahead. A daily close below the 23.6% Fibonacci expansion at 11772 exposes the resistance-turned-support at 11715, the January 8 high. Alternatively, a push above the 11854-88 area marked by the March 2009 high and the 38.2% level opens the door for a challenge of the 50% Fib at 11983.
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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