US Dollar Technical Analysis – Trying to Find a Lifeline

By DailyFx | Updated July 30, 2014 AAA

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: 10405, 10389, 10354
  • Resistance:10431, 10452, 10473

The Dow Jones FXCM US Dollar Index began a swift recovery as expected after putting in a Bullish Engulfing candle pattern at double bottom support set from October 2013. Buyers are testing resistance at 10431, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 10452. Alternatively, a reversal below the 23.6% Fib at 10405 opens the door for a test of the 14.6% retracement at 10389.

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 – Trying to Find a Lifeline

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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY steadies above 120.00

  2. Forex News

    EUR/USD dips below 1.10

  3. Investing

    Gold Grinds Lower, All Eyes On NFP

  4. Forex News

    EUR/USD Oversold Ahead of NFP- 1.0970 Support Remains Vulnerable

  5. Forex News

    GBP/USD might rise to 1.5294 – FXStreet

Trading Center