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US Dollar Technical Analysis: Working Toward Range Support

US Dollar Technical Analysis: Working Toward Range Support

2015-02-16 02:51:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index looks to have reversed downward as expected after putting in a bearish Evening Star candlestick pattern. A daily close below the 14.6% Fibonacci retracementat 11740 exposes the 23.6% level at 11653. Alternatively, a turn above trend line support-turned-resistance at 11829 clears the way for a test of the 11854-76 zone (14.6% Fib expansion, March 2009 high).

We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

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

US Dollar Technical Analysis: Working Toward Range Support

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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