US Dollar: Digesting Rally from July Low
Dailyfx | Aug 07, 2014 04:22AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10513-27, 10481, 10456
- Resistance:10560, 10606, 10663
The Dow Jones FXCM US Dollar Index is digesting gains after rising as expected following the formation of a Bullish Engulfing candle pattern. Near-term resistance is at 10560, the 50% Fibonacci retracement, with a daily close above that exposing the 61.8% level at 10606. Alternatively, a reversal below resistance-turned-support in the 10513-27 area marked by the May 28 high and 38.2% Fib opens the door for a test of a horizontal pivot in play since late April at 10481.
We remain broadly bullish on the US Dollar against its leading counterparts in line with ourlong-term fundamental outlook. As such, we remain long via theMirror Trader US Dollar currency basket.
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