To receive Ilya’s analysis directly via email, please SIGN UP HERE
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10942, 10880, 10817
- Resistance:11019, 11066, 11143
The Dow Jones FXCM US Dollar Index moved lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern. A daily close below the 38.2% Fibonacci retracement at 10942 exposes the 50% level at 10880. Alternatively, a turn above the 23.6% Fib at 11019 clears the way for a test of the 14.6% retracement at 11066.
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