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US Dollar Technical Analysis: Chart Setup Hints at Pullback

US Dollar Technical Analysis: Chart Setup Hints at Pullback

Ilya Spivak, Head Strategist, APAC

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Talking Points:

The Dow Jones FXCM US Dollar Index moved upward as expected after producing a bullish Morning Star candlestick pattern. Negative RSI divergence warns a pullback may be ahead however. A daily close below trend line support at 12021 exposes the 61.8% Fibonacci expansion at 11985. Alternatively, a move above the 76.4% level at 12044 clears the way for a test of the 12141-49 area (100% Fib, March 13 high).

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!

** 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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