To receive Ilya's analysis directly via email, please SIGN UP HERE
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 12066, 11980, 11868
- Resistance:12177, 12356, 12502
The Dow Jones FXCM US Dollar Index corrected sharply lower, producing the largest daily drawdown in two weeks. A daily close below the 14.6% Fibonacci expansion at 12066 exposes the 14.6% Fib retracement at 11980. Alternatively, a push above the 12149-77 area (March 13 high, 23.6% expansion) opens the door for a challenge of the 38.2% level at 12356.
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
