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Talking Points:
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US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
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Support: 11005, 10956, 10878
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Resistance:11060, 11108, 11156
The Dow Jones FXCM US Dollar Indexpulled back as expected after putting in a Shooting Star candlestick. A daily close below the 14.6% Fibonacci retracement at 11005 exposes the 23.6% level at 10956. Alternatively, a reversal above the 11048-60 area marked rising trend line support-turned-resistance and the 38.2% Fib expansion clears the way for a test of the 50% threshold at 11108.
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.
Daily Chart - Created Using FXCM Marketscope 2.0
** 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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