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Dollar Consolidates Gains After Turning Higher

Published 08/04/2014, 05:24 AM
Updated 07/09/2023, 06:31 AM
DX
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Talking Points:

  • US Dollar Technical Strategy: Holding Long
  • Support: 10531, 10513, 10481
  • Resistance:10560, 10606, 10663

The Dow Jones FXCM US Dollar Index is consolidating gains after turning higher as expected having put in a Bullish Engulfing candle pattern. A daily close above resistance at 10560, the 50% Fibonacci retracement, exposes the 61.8% level at 10606. Alternatively, a turn back below resistance-turned-support marked by the May 28 high at 10531 clears a path for a challenge of the 38.2% Fib at 10513.

DX Daily Chart

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