USD: Readying To Resume Uptrend?
Dailyfx | Oct 23, 2014 03:55AM ET
Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10959, 10845, 10753
- Resistance:11026, 11143, 11216
The Dow Jones FXCM US Dollar Index moved lower as expected after producing a bearish Dark Cloud Cover candlestick pattern. A daily close below the 23.6% Fibonacci retracement at 10959 exposes the 10845-74 area marked by a falling channel bottom and the 38.2% level. Alternatively, a push above the channel top at 11026 clears the way for a test of the 11102-43 zone (23.6% Fib expansion, October 3 high).
We remain broadly bullish on the US Dollar against its leading counterparts in line with our Mirror Trader US Dollar currency basket .
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