US Dollar Technical Analysis: Rally Stalls Below 6-Month High

By DailyFx | 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 is correcting lower after hitting a six-month high having rallied as expected following the appearance of a Bullish Engulfing candle pattern. A daily close below the 38.2% Fibonacci expansion at 10627 exposes the 23.6% level at 10595. Alternatively, a move above the 50% Fib at 10652 opens the door for a challenge of the 61.8% expansion at 10677.

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 Stalls Below 6-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 Session recap: USD consolidation ahead of FOMC
    Forex News

    US Session recap: USD consolidation ahead of FOMC

  2. Strategy Video: What is the Market Pricing in for Wednesday’s Fed Decision?
    Forex News

    Strategy Video: What is the Market Pricing in for Wednesday’s Fed Decision?

  3. A market in a technical snap-shot - RBS
    Forex News

    A market in a technical snap-shot - RBS

  4. USD/JPY anchored on 108 handle
    Forex News

    USD/JPY anchored on 108 handle

  5. GBP/USD sitting pretty despite lower CPI’s
    Forex News

    GBP/USD sitting pretty despite lower CPI’s

Trading Center