Connect with us

Hi, what are you looking for?

Economy

The dollar index is under pressure below the 105.80 level

The dollar index is under pressure below the 105.80 level

The dollar index fell into some consolidation after rising to 106.13 levels last week.

Dollar index chart analysis

The dollar index fell into some consolidation after rising to 106.13 levels last week. This week’s movement is in the 105.42-106.00 range. We have seen a bearish consolidation within this range in the last two days. Pressure has increased because we are now below the EMA200 moving average and the weekly open price. Also, a lower high was formed this morning at 105.80 compared to the day before, and this could be a confirmation for us to continue on the bearish side.

Potential lower targets are 105.50 and 105.40 levels. In the zone of 105.40, we will test the previous low of this week, but the chances of seeing a break below to a new low are increasing. Last week’s low was at the 105.37 level.

The dollar index is under pressure EMA200, are we expecting a continuation on the bearish side?

For a bullish option, the dollar index would first have to return above the EMA200 and 105.80 levels. We would be within reach to test the weekly open price. The impulse above pushes us to the positive side and facilitates our position for further recovery. Potential higher targets are 105.90 and 106.00 levels.

Today’s US session is full of economic news. First, we have ADP Nonfarm Employment Change, then Initial Jobless Claims, S&P Global Services PMI, ISM Non-Manufacturing PMI, ISM Non-Manufacturing Prices, Crude Oil Inventories, and finally, tonight’s FOMC Meeting Minutes. A bunch of equally important news for the dollar index before tomorrow’s United States holiday – Independence Day.

The post The dollar index is under pressure below the 105.80 level appeared first on FinanceBrokerage.

You May Also Like

Stock

One hallmark of secular bull markets is rotation. When leading stocks, sectors, and industry groups falter, there needs to be others that grab the...

Latest News

President Biden is asking Congress to approve nearly $100 billion in emergency funding to aid recovery efforts for the recent deadly storms that ravaged...

Latest News

Vice President Kamala Harris spent a whopping $1.5 billion during her 15-week campaign that ended in defeat to President-elect Donald Trump, including burning through...

Latest News

Activists on Saturday demanded that the state of California pay millions of dollars to each Black resident in reparations as a way to make...



Disclaimer: Frequencytraders.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2024 Frequencytraders.com