Forex: US Dollar Technical Analysis – Waiting for Direction Clarity

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Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 10520 (Feb 17 low), 10492 (38.2% Fib exp.)
  • Resistance: 10599 (38.2% Fib ret.), 10629 (50% Fib ret.)

The Dow Jones FXCM US Dollar Index continues to tread water in a familiar range between the February 17 low at 10520 and the 38.2% Fibonacci retracement at 10599. A push above resistance initially exposes the 50% level at 10629. Alternatively, a drop through support on a daily closing basis targets the 38.2% Fib expansion at 10492.

Our long-term trend analysis continues to favor a stronger US Dollar against its leading counterparts in the months ahead. With that in mind, we continue to hold a long position via the Mirror Trader US Dollar currency basket for the time being. **

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dailyclassics_us_dollar_index_body_Picture_12.png, Forex: US Dollar Technical Analysis – Waiting for Direction Clarity

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

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