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US Dollar Technical Analysis: Prices Stall After Upswing

US Dollar Technical Analysis: Prices Stall After Upswing

2015-07-01 02:43:00
Ilya Spivak, Head Strategist, APAC
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Talking Points:

The Dow Jones FXCM US Dollar Index moved higher as expected after producing a bullish Morning Star candlestick pattern. A daily close above the 38.2% Fibonacci expansionat 11888 exposes the 50% level at 11937. Alternatively, a push below the 23.6% Fib at 11829 clears the way for a test of the 14.6% level at 11792.

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 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: Prices Stall After Upswing

** 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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