US Dollar Technical Analysis: Readying to Turn Lower Anew?
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- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11773, 11725, 11648
- Resistance: 11836, 11898, 11960
The Dow Jones FXCM US Dollar Index may be preparing to turn lower anew following the formation of a Bearish Engulfing candlestick pattern. A daily close below the 14.6% Fibonacci expansion at 11773 exposes the 23.6% level at 11725. Alternatively, a reversal above the 38.2% Fib retracement at 11836 opens the door for a challenge of the 50% threshold at 11898.
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.
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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.