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US Dollar Technical Analysis: Quiet Consolidation Continues

US Dollar Technical Analysis: Quiet Consolidation Continues

2015-05-12 06:27:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index continues to drift sideways in consolidation mode above April’s swing bottom. A daily close below the 11736-7 area (February 6 low, 38.2% Fibonacci expansion) exposes the 50% level at 11688. Alternatively, a push above the 23.6% Fib retracement at 11839 opens the door for a challenge of the 38.2% threshold at 11901.

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: Quiet Consolidation Continues

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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