US Dollar Technical Analysis: Trend Line Support Broken
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Talking Points:
US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
Support: 11985, 11937, 11898
Resistance: 12015, 12034, 12063
The Dow Jones FXCM US Dollar Index edged lower as expected following the appearance of negative RSI divergence. Near-term support is at 11985, the 23.6% Fibonacci retracement, with a break below that ton a daily closing basis exposing the 38.2% level at 11937. Alternatively, a turn above the 14.6% Fib at 12015 opens the door for a challenge of trend line support-turned-resistance at 12034.
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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** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.
--- Written by Ilya Spivak, Currency Strategist for DailyFX.com
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