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US Dollar Technical Analysis: Uptrend Resumption Hinted

US Dollar Technical Analysis: Uptrend Resumption Hinted

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index turned higher as expected after producing a bullish Piercing Line candle pattern. A daily close above the 38.2% Fibonacci retracement at 11901 exposes the 50% level at 11951. Alternatively, a reversal below the 23.6% level at 11839 opens the door for a challenge of the 14.6% Fib at 11801.

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: Uptrend Resumption Hinted

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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