US Dollar Technical Analysis: Advance Resumes After Pause

By DailyFx | Updated August 25, 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: 10627, 10595, 10576
  • Resistance:10652, 10677, 10709

The Dow Jones FXCM US Dollar Index is pressing higher after launching a rally as expectedfollowing the formation of a Bullish Engulfing candle pattern. Near-term resistance is at 10652, 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 10677. Alternatively, a reversal below the 38.2% Fib at 10627 clears the way for a test of the 23.6% expansion at 10595.

We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Advance Resumes After Pause

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.

Related Forex Analysis
  1. USD to gain further support, ECB in focus - Commerzbank
    Forex News

    USD to gain further support, ECB in focus - Commerzbank

  2. EUR/USD downtrend set to continue in the coming weeks - UBS
    Forex News

    EUR/USD downtrend set to continue in the coming weeks - UBS

  3. USD/ZAR Finds Support with an Upside Target
    Forex News

    USD/ZAR Finds Support with an Upside Target

  4. EUR/USD refuses to stay below 1.2500
    Forex News

    EUR/USD refuses to stay below 1.2500

  5. GBP/USD bounces at 1.5940 and returns to 1.5990
    Forex News

    GBP/USD bounces at 1.5940 and returns to 1.5990

Trading Center