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US Dollar Technical Analysis: Correction Downward Expected

US Dollar Technical Analysis: Correction Downward Expected

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar may be preparing to decline after prices put in a bearish Evening Star candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 11734, the intersection of the 14.6% Fibonacci retracement and a rising trend line, with a break below that on a daily closing basis exposing the 23.6% level at 11648. Alternatively, a move above the 11854-88 area marked by the March 2009 high and the 38.2% level clears the way for a test of the 50% Fib at 11983.

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.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

US Dollar Technical Analysis: Correction Downward Expected

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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