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US Dollar Technical Analysis: Bearish Reversal in Progress?

US Dollar Technical Analysis: Bearish Reversal in Progress?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

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.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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