US Dollar Technical Analysis: Oscillating Below 4-Month High

By DailyFx | August 05, 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: 10513-27, 10481, 10456
  • Resistance:10560, 10606, 10663

The Dow Jones FXCM US Dollar Index is consolidating gains after turning higher as expected having put in a Bullish Engulfing candle pattern. A daily close above resistance at 10560, the 50% Fibonacci retracement, exposes the 61.8% level at 10606. Alternatively, a turn back below resistance-turned-support in the 10513-27 area marked by the May 28 high and 38.2% Fib clears a path for a challenge of 10481, the intersection of a horizontal pivot in play since April and a rising trend line established from the July 1 low.

Our long-term US Dollar outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis: Oscillating Below 4-Month High

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. US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound
    Forex News

    US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound

  2. USD/JPY trying to get above 109.50
    Forex News

    USD/JPY trying to get above 109.50

  3. EUR/USD Technical Analysis: Euro Trying to Expose 1.26
    Forex News

    EUR/USD Technical Analysis: Euro Trying to Expose 1.26

  4. US Dollar Technical Analysis: Working on Fifth Straight Gain
    Forex News

    US Dollar Technical Analysis: Working on Fifth Straight Gain

  5. USD/JPY Technical Analysis: Range-Bound Below 110.00 Mark
    Forex News

    USD/JPY Technical Analysis: Range-Bound Below 110.00 Mark

Trading Center