US Dollar Technical Analysis: Largest Surge in 7 Weeks Recorded

By DailyFx | Updated August 21, 2014 AAA

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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 vaulted to a six-month highafter launching a rally as expectedhaving formed a Bullish Engulfing candlestick pattern. Near-term resistance is at 10652, 50%Fibonacci expansion, with a daily close above that exposing the 61.8% level at 10677. Alternatively, a turn below the 38.2% Fib expansion at 10627 clears the way for a test of the 23.6% threshold 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: Largest Surge in 7 Weeks Recorded

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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