US Dollar Gap Fails To Disturb Range
Dailyfx | Jun 30, 2015 01:32AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11829, 11792, 11732
- Resistance: 11888, 11937, 11985
The Dow Jones FXCM US Dollar Index advanced as expected after prices put in a bullish Morning Star candlestick pattern. Near-term resistance is at 11888, the 38.2% Fibonacci expansion, with a break above that on a daily closing basis exposing the 50% level at 11937. Alternatively, a move below the 23.6% Fib at 11829 opens the door for a challenge of the 14.6% level at 11792.
We remain broadly bullish on the US dollar against its leading counterparts in line with our long-term fundamental outlook . As such, we remain long via the Mirror Trader US Dollar currency basket.
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