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US Dollar Technical Analysis: Readying to Turn Lower Anew?

Ilya Spivak

DailyFX.com -

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Talking Points:

  • 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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US Dollar Technical Analysis: Readying to Turn Lower Anew?
US Dollar Technical Analysis: Readying to Turn Lower Anew?

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


original source

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