US Dollar Technical Analysis: Slow Upward Drift Continues

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: 10431, 10409, 10375
  • Resistance:10452, 10473, 10499

The Dow Jones FXCM US Dollar Index rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 50% Fibonacci retracement at 10452, initially exposes the 61.8% level at 10743. Alternatively, reversal below the 38.2% Fib at 10431 opens the door for a challenge of rising trend line support at 10409, followed by a triple bottom established from October 2013 in the 10354-75 area.

Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Slow Upward Drift Continues

Daily Chart – Created Using FXCM Marketscope 2.0

** 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

This entry was posted in Binary Options Signals Related News and tagged , , . Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *