US Dollar Technical Analysis: Upward Momentum Continues

By DailyFx | Updated August 27, 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: 10654, 10629, 10597
  • Resistance:10679, 10711, 10762

The Dow Jones FXCM US Dollar Index continues to push upward having set a six month high after rallying as expectedfollowing the formation of a Bullish Engulfing candle pattern. A daily close above the 61.8% Fibonacci expansion at 10679 exposes the 76.4% level at 10711. Alternatively, a move below the 50% Fib at 10654 opens the door for a challenge of the 38.2% expansion at 10629.

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: Upward Momentum Continues

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: Expect Heavy Seas Between NFPs, ECB and RBA

  2. Forex News

    Australian Dollar Looks to RBA Rate Decision to Break Deadlock

  3. Forex News

    Dollar Faces Rate Speculation, Risk Trends, Central Bank Moves

  4. Forex News

    Strategy Video: When Will the Fed Hike Rates?

  5. Forex News

    Trading Video: Expect Volatility for the Dollar, Equities, Euro...Everything

Trading Center