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

By DailyFx | Updated August 22, 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.

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: FOMC, GDP, Greece and Much More Ahead

  2. Forex News

    Japanese Yen to Look Past BOJ Decision, Focus on Greece and FOMC

  3. Forex News

    Dollar Ready to Reverse Should FOMC, GDP Give its Consent

  4. Forex News

    Gold Plummets Alongside USD Ahead of FOMC- Key Support 1173

  5. Forex News

    AUD/USD to Eye March High on Less-Dovish RBA, Fed Delay

Trading Center