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Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11858, 11679, 11534
- Resistance:12066, 12177, 12356
The Dow Jones FXCM US Dollar Index turned lower as expected after prices produced 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 our long-term fundamental outlook. As such, we remain long via the Mirror Trader US Dollar currency basket.
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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
