To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- 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.
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.
Add these technical levels directly to your charts with our Support/Resistance Wizard app!
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
