US Dollar Technical Analysis – Candles Warn Rebound Over

| 23 april, 2014 | 0 kommentarer

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10430 (23.6% Fib exp.), 10405 (38.2% Fib exp.)
  • Resistance: 10467 (minor channel floor), 10517 (major channel top)

The Dow Jones FXCM US Dollar Index put in a Bearish Engulfing candlestick pattern below support-turned-resistance at the bottom of a falling channel set from mid-February, hinting a move lower may be ahead. Initial support is at 10430, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% level at 10405. A turn above resistance aims for the top of a larger falling channel in play since the beginning of the year, now at 10517.

Our long-term fundamental view continues to call for a stronger US Dollar against its key counterparts in the months ahead. As such, we remain long the benchmark currency via theMirror Trader US Dollar currency basket.

US Dollar Technical Analysis  Candles Warn Rebound Over

Weekly 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

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Kategori: Analys från DailyFX

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