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US Dollar Technical Analysis: Candle Setup Hints at Losses

US Dollar Technical Analysis: Candle Setup Hints at Losses

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index may be readying to turn lower after prices put in a bearish Evening Star candlestick pattern. A daily close below the 11858-86 area (March 18 low, 23.6% Fibonacci retracement) exposes the 38.2% level at 11679. Alternatively, a reversal above the 14.6% Fib expansion at 12066 opens the door for a challenge of the 12149-77 zone (March 13 high, 23.6% threshold).

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: Candle Setup Hints at Losses

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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