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US Dollar Technical Analysis: Chart Setup Hints at Pullback


2014-11-11 03:36:06
(MENAFN- DailyFX) DailyFX.com - r>

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11246 11211 11143
  • Resistance:11295 11329 11370

The Dow Jones FXCM US Dollar Indexmay be gearing up for a turn lower after prices produced a bearish Dark Cloud Cover candlestick pattern. Near-term support is at 11246 the 14.6% Fibonacci retracement with a break below that on a daily closing basis exposing the 23.6% level at 11211. Alternatively a reversal above the 50% Fib expansion at 11295 clears the way for a test of the 61.8% Fib threshold at 11329.

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: Chart Setup Hints at Pullback

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



DailyFX (IG.com)

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