US Dollar Technical Analysis – Waiting to Renew Advance

By DailyFx | June 09, 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: 10474-95, 10404 (channel top)
  • Resistance:10531 (May 28 high), 10589-619

The Dow Jones FXCM US Dollar Index remains in consolidation mode after securing a key upside breakout three weeks ago. The first layer of significant resistance remains at 10531, the May 28 high. A daily close above that exposes the 10589-619 region. Support is in the 10474-95 area, with a reversal below that opening the door for a retest of a recently broken falling channel top at 10404.

Our long-term fundamental outlook continues to favor a broadly stronger US Dollar against the benchmark unit’s major counterparts. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis – Waiting to Renew Advance

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.

comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center