Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 10800, 10756, 10730
- Resistance:10844, 10914, 10984
The Dow Jones FXCM US Dollar Index may be preparing to turn lower after putting in a Shooting Star candle having set a new 2014 high. Near-term support is at 10800, the 61.8% Fibonacci expansion, with a break below that on a daily closing basis exposing the 10756-65 area marked by the January 2014 high and the 50% level. Alternatively, a push above the 76.4% Fib at 10844 opens the door for a challenge of the 100% expansion at 10914.
Our long-term US dollar 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.
