US Dollar: Bulls Reclaiming Dominance
Dailyfx | Oct 30, 2014 05:10AM ET
Talking Points:
- US DollarTechnical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10959, 10845, 10753
- Resistance:11143, 11216, 11308
The Dow Jones FXCM US Dollar Index looks to be resuming its advance as buyers try to find follow-through on a Flag pattern completed last week. Near-term resistance is in the 11102-43 area marked by the 23.6% Fibonacci expansion and the October 3 high, with a break above that on a daily closing basis exposing the 38.2% level at 11216. Alternatively, a reversal below the 10959-71 area (23.6% Fib retracement, trend line) opens the door for a challenge of the 38.2% threshold at 10845.
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