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Talking Points:
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US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
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Support: 10513 10484 10456
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Resistance:10560 10606 10663
The Dow Jones FXCM US Dollar Index may correct lower after rising as expected after showing a Bullish Engulfing candlestick pattern. The appearance of negative RSI divergence below resistance at 10560 the 50% Fibonacci retracement hints at ebbing upside momentum. A break below the 38.2% level at 10513 on a daily closing basis exposes a rising trend line established from the July 1 low now at 10484. Alternatively a move above 10560 clears the way for a challenge of the 61.8% Fib at 10606.
We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such we remain long via theMirror Trader US Dollar currency basket.
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.
-- Written by Ilya Spivak Currency Strategist for DailyFX.com
original source
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