US Dollar Technical Analysis: Largest Surge in 7 Weeks Recorded

By DailyFx | Updated August 21, 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 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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Expect Heavy Seas Between NFPs, ECB and RBA

  2. Forex News

    Australian Dollar Looks to RBA Rate Decision to Break Deadlock

  3. Forex News

    Dollar Faces Rate Speculation, Risk Trends, Central Bank Moves

  4. Forex News

    Strategy Video: When Will the Fed Hike Rates?

  5. Forex News

    Trading Video: Expect Volatility for the Dollar, Equities, Euro...Everything

Trading Center