US Dollar Technical Analysis: Rally Extends to 5-Month High

By DailyFx | Updated August 13, 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: 10554, 10536, 10508
  • Resistance:10582, 10606, 10629

The Dow Jones FXCM US Dollar Index continues to push higher having reversed upward as expected after putting in a Bullish Engulfing candlestick pattern. A daily close above the 38.2% Fibonacci expansion at 10582 exposes the 50% level at 10606. Negative RSI divergence warns a pullback may be around the corner. A turn below support at 10554, the 23.6% Fib, opens the door for a test of the 14.6% expansion at 10536.

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 5-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

    Crude Oil and Gold Locked in Ranges, SPX 500 Drops Most in 4 Months

  2. Forex News

    Euro May Overlook Soft German CPI Data, Swiss Franc Under Fire

  3. Forex News

    EUR/USD Rebound to Benefit From Record-Low German Unemployment

  4. Forex News

    USD/JPY hovers around 118

  5. Forex News

    US Dollar Technical Analysis: Downswing Warning Remains

Trading Center