US Dollar Technical Analysis: Bearish Reversal in Progress?
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11734, 11648, 11509
- Resistance:11791, 11888, 11983
The Dow Jones FXCM US Dollar may have topped as expected after putting in a bearish Evening Star candlestick pattern coupled with negative RSI divergence. A daily close below the 14.6% Fibonacci retracement at 11734 exposes the 23.6% level at 11648. Alternatively, a reversal above trend line support-turned-resistance at 11791 opens the door for a challenge of the 11854-88 area marked by the March 2009 high and the 38.2% level Fib expansion.
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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