Connect with us

Hi, what are you looking for?

The Freedom RightThe Freedom Right

Economy

The dollar index retreated to 104.50 levels this morning

The dollar index retreated to 104.50 levels this morning

At the start of the Asian trading session, we saw a bearish gap in the dollar index.

Dollar index chart analysis

At the start of the Asian trading session, we saw a bearish gap in the dollar index. This was followed by a bearish consolidation and a pullback to the 104.50 level. At that level, we received support, after which we saw a recovery to 104.75 levels. We could expect to see continued recovery and closing of this morning’s gap. Thus, we would return to the zone around the 105.00 level.

For a bullish option, we need a break above and hold there. After that, we can expect to see a continuation of positive consolidation and the formation of a new high. Potential higher targets are 105.20 and 105.40 levels.

We need a negative consolidation and a new price pullback below the 104.50 level for a bearish option. Below, we will see a drop to a new low and a continuation of the bearish option. Potential lower targets are 104.40 and 104.20 levels.

We don’t have much economic news this week, but we do have a couple of very important ones for the movement of the dollar index. We await the US CPI and US Core CPI report on Wednesday. The inflation report will show what the Fed’s future steps will be regarding the level of the interest rate. Additional news that could affect the dollar index is the British GDP and the ECB interest rate decision on Thursday.

 

The post The dollar index retreated to 104.50 levels this morning appeared first on FinanceBrokerage.

Enter Your Information Below To Receive Latest News, And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Investing

    Vermont Sen. Bernie Sanders, 81, defended President Biden, 80, against voter critiques that he lacks the energy and vigor to continue leading the United...

    Investing

    Political advisers to both President Biden and Vice President Harris were reportedly annoyed with Democrat California Gov. Gavin Newsom over a planned debate with...

    Editor's Pick

    By the IoT Analytics team. A new report from IoT Analytics highlights eight notable trends helping to advance and promote digital twins. Four of...

    Stock

    A second delivery driver has died in Texas amid record-high temperatures, just as the regulation of workplace heat safety enters a new legal limbo...

    Disclaimer: thefreedomright.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 © 2020-2024 The Freedom Right. All Rights Reserved