Talking Points:
- US Dollar Technical Strategy: Holding Long
- Support: 11740, 11653, 11513
- Resistance:11842, 11876, 11963
The Dow Jones FXCM US Dollar Index may have finally started to turn lower as expected following the appearance of a bearish Evening Star candlestick pattern. Near-term support is at 11740, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11653. Alternatively, a reversal above trend line support-turned-resistance at 11842 clears the way for a test of the 11854-76 zone (14.6% Fib expansion, March 2009 high).
Our long-term fundamental outlook calls for a broadly stronger US Dollar against its major currency counterparts. With that in mind, we are holding long via the Mirror Trader US Dollar currency basket.
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