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US Dollar Technical Analysis: Candle Setup Hints at Gains

US Dollar Technical Analysis: Candle Setup Hints at Gains

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index may be preparing to turn higher after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is in the 11823-34 area (23.6% Fibonacci expansion, horizontal pivot), with a break above that on a daily closing basis exposing the 38.2% level at 11888. Alternatively, a turn below the 14.6% Fib at 11792 opens the door for a challenge of the June 18 low at 11732.

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!

US Dollar Technical Analysis: Candle Setup Hints at Gains

** 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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