US Dollar Technical Analysis– Prices advanced as expected after putting in a Bullish Engulfing candlestick pattern. A break above initial resistance at 10735, the 23.6% Fibonacci retracement, has exposed 107787, marked by the underside of a rising trend line set from mid-June and the 38.2% level. A push higher beyond that aims for the 50% level at 10830. Alternatively, a move back below 10735 eyes the August 8 lowat 10650.
Don’t have access to the Dow Jones FXCM US Dollar Index? Try the USD basket via Mirror Trader as an alternative. **
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
To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak
To be added to Ilya’s e-mail distribution list, please CLICK HERE
New to FX? Watch this Video. For live market updates, visit the Real Time News Feed