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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: 10800 10756 10730
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Resistance:10844 10914 10984
The Dow Jones FXCM US Dollar Indexmay be topping as prices produce a Shooting Star candlestick after setting a fresh 2014 high. A daily close below the 61.8% Fibonacci expansion at 10800 exposes the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively a push above the 76.4% Fib at 10844 clears the way for a test of the 100% expansion at 10914.
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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