US Dollar Technical Analysis: Rally Extends to 1-Month High

By DailyFx | Updated July 30, 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: 10430, 10392, 10354-75
  • Resistance:10456, 10513, 10560

The Dow Jones FXCM US Dollar Index rebounded as expected after putting in a Bullish Engulfing candle pattern at support set from October 2013. A daily close above the 23.6% Fibonacci retracement at 10456 initially exposes the 38.2% level at 10513. Alternatively, reversal below rising trend line support set from the July 1 low at 10430 opens the door for a test of the July 9 low at 10392, followed by a triple bottom in the 10354-75 area.

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: Rally Extends to 1-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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    USD/JPY struggles to extend gains above 120.00

  2. Forex News

    GBP/USD: lower lows in sight – FXStreet

  3. Forex News

    EUR/USD rallies to 1.0760

  4. Forex News

    USD/JPY to head towards 125 over 12 months – Rabobank

  5. Forex News

    USD in Holding Pattern as Calendar Turns to April, Q2

Trading Center