US Dollar Technical Analysis: Further Gains Expected Ahead

By DailyFx | July 16, 2014 AAA

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10431, 10406, 10375
  • Resistance:10452, 10473, 10499

The Dow Jones FXCM US Dollar Index continues to push higher having reversed upward as expected after producing a Bullish Engulfing candle pattern. Sellers now aim to challenge the 50% Fibonacci retracement at 10452, with a break above that on a daily closing basis exposing the 61.8% level at 10743. Alternatively, a move back below the 38.2% Fib at 10431 targets trend line support at 10406, followed by a long-standing triple bottom in the 10354-75 area.

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: Further Gains Expected Ahead

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.

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