Are DOGE layoffs set to resume?
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11734, 11648, 11509
- Resistance:11888, 11983, 12077
The Dow Jones FXCM US dollar may be preparing to decline after prices put in a bearish Evening Star candlestick pattern. Negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 11734, the intersection of the 14.6% Fibonacci retracement and a rising trend line, with a break below that on a daily closing basis exposing the 23.6% level at 11648. Alternatively, a move above the 11854-88 area marked by the March 2009 high and the 38.2% level clears the way for a test of the 50% Fib at 11983.
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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