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Forex: US Dollar Technical Analysis – Rally Falters on Resistance Test

Ilya Spivak


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. **


dailyclassics_us_dollar_index_body_Picture_3.png, Forex: US Dollar Technical Analysis – Rally Falters on Resistance Test

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


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