Talking Points:
- US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11740, 11653, 11513
- Resistance:11791, 11888, 11983
The Dow Jones
FXCM US Dollar Index continues to look vulnerable as a bearish Evening
Star and negative RSI divergence warn of oncoming losses. A daily close
below 11740-86 area marked by a rising trend line and the 14.6%
Fibonacci retracement exposes the 23.6% level at 11653. Alternatively, a
break above the 11854-76 zone (March 2009 high, 14.6% Fib expansion)
opens the door for a challenge of the 23.6% threshold at 11963.
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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