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US Dollar Technical Analysis: Triangle Setup Favors Upside

US Dollar Technical Analysis: Triangle Setup Favors Upside

2015-04-09 04:44:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index may be carving out a symmetrical Triangle, a chart pattern hinting at on-coming uptrend continuation. A daily close above 12066 (14.6% Fibonacci expansion, Triangle top) exposes the 12149-77 area (March 13 high, 23.6% level). Alternatively, a move below Triangle floor support at 11970 opens the door for a challenge of the 11858-86 zone (March 18 low, 23.6% Fibonacci retracement).

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: Triangle Setup Favors Upside

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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