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US Dollar: Chart Setup Hints At Pullback

US Dollar: Chart Setup Hints At Pullback

Talking Points:

  • US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
  • Support: 11937, 11888, 11829
  • Resistance: 11985, 12044, 12149

The Dow Jones FXCM US Dollar Index moved upward as expected after producing a bullish Morning Star candlestick pattern. Negative RSI pergence warns a pullback may be ahead however. A daily close below trend line support at 12021 exposes the 61.8% Fibonacci expansion at 11985. Alternatively, a move above the 76.4% level at 12044 clears the way for a test of the 12141-49 area (100% Fib, March 13 high).

Our long-term fundamental outlook calls for a broadly stronger US dollar against its major currency counterparts. With that in mind, we are holding long via the Mirror Trader US Dollar currency basket.

US Dollar Daily Chart

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