Advertisement
Singapore markets closed

  • Straits Times Index

    3,176.51
    -11.15 (-0.35%)
     

  • Nikkei

    37,068.35
    -1,011.35 (-2.66%)
     

  • Hang Seng

    16,224.14
    -161.73 (-0.99%)
     

  • FTSE 100

    7,890.04
    +12.99 (+0.16%)
     

  • Bitcoin USD

    64,654.07
    +533.57 (+0.83%)
     

  • CMC Crypto 200

    1,377.53
    +64.90 (+5.21%)
     

  • S&P 500

    4,999.59
    -11.53 (-0.23%)
     

  • Dow

    37,947.21
    +171.83 (+0.45%)
     

  • Nasdaq

    15,461.20
    -140.29 (-0.90%)
     

  • Gold

    2,406.40
    +8.40 (+0.35%)
     

  • Crude Oil

    83.38
    +0.65 (+0.79%)
     

  • 10-Yr Bond

    4.6210
    -0.0260 (-0.56%)
     

  • FTSE Bursa Malaysia

    1,547.57
    +2.81 (+0.18%)
     

  • Jakarta Composite Index

    7,087.32
    -79.50 (-1.11%)
     

  • PSE Index

    6,443.00
    -80.19 (-1.23%)
     

US Dollar Technical Analysis: Trend Line Support Broken

Ilya Spivak

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **

  • Support: 11985, 11937, 11898

  • Resistance: 12015, 12034, 12063

The Dow Jones FXCM US Dollar Index edged lower as expected following the appearance of negative RSI divergence. Near-term support is at 11985, the 23.6% Fibonacci retracement, with a break below that ton a daily closing basis exposing the 38.2% level at 11937. Alternatively, a turn above the 14.6% Fib at 12015 opens the door for a challenge of trend line support-turned-resistance at 12034.

ADVERTISEMENT

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: Trend Line Support Broken
US Dollar Technical Analysis: Trend Line Support Broken

** 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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Learn forex trading with a free practice account and trading charts from FXCM.