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US Dollar Technical Analysis: Candle Setup Hints at Reversal

US Dollar Technical Analysis: Candle Setup Hints at Reversal

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index put in a Harami candlestick pattern, hinting a move lower may be ahead. A daily close below the 61.8% Fibonacci retracement at 11960 exposes the 50% level at 11898. Alternatively, a move above the 76.4% Fib at 12037 clears the way for a test of the March 13 high at 12149.

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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