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US Dollar Technical Analysis: Selloff Paused at 4-Month Low

US Dollar Technical Analysis: Selloff Paused at 4-Month Low

2015-05-15 04:21:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index paused to consolidate losses after dropping to the weakest level in four months. Near-term support is at 11638, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 76.4% level at 11576. Alternatively, a turn above the 50% Fib at 11688 clears the way for a test of the 38.2% threshold at 11737.

Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding 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: Selloff Paused at 4-Month Low

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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