Good morning superheroes;
I hope you have a wonderful weekend and are all ready to take on new and exciting challenges this week.
First of all, we take a look at Dollar Index. On the weekly chart, we can see it has broken down from the bullish trend line. I expect the price to remain weak and over the upcoming weeks/months, it should fall towards 88.97 to 90.95.
There is also a possibility that it rebounds from here, judging from the double bottom pattern hit it has shown. Let's wait and see if it will break out of the resistance at 93.65, a key level where it is also the meeting point for the weekly chart bullish trend breakdown.
In this regard, I will not short nor long. If I have to long, I will wait for 93.65 to breakout and to short, I will wait for the double bottom support at 92.77 to rebound with bullish signal.
I expect the next two months to be slow moving as we continue to see consolidation in the US indices and many pairs of currencies. This "brewing" could mean a possible break up from the resistance to a higher high or a breakdown for a correction.
Summary :
How will the NASDAQ perform ?
Is Kiwi dollars heading further south ?
AUDUSD is still strong, dont sell all positions
What is EURUSD telling us about the dollar ?
I hope you have a wonderful weekend and are all ready to take on new and exciting challenges this week.
First of all, we take a look at Dollar Index. On the weekly chart, we can see it has broken down from the bullish trend line. I expect the price to remain weak and over the upcoming weeks/months, it should fall towards 88.97 to 90.95.
There is also a possibility that it rebounds from here, judging from the double bottom pattern hit it has shown. Let's wait and see if it will break out of the resistance at 93.65, a key level where it is also the meeting point for the weekly chart bullish trend breakdown.
In this regard, I will not short nor long. If I have to long, I will wait for 93.65 to breakout and to short, I will wait for the double bottom support at 92.77 to rebound with bullish signal.
I expect the next two months to be slow moving as we continue to see consolidation in the US indices and many pairs of currencies. This "brewing" could mean a possible break up from the resistance to a higher high or a breakdown for a correction.
Summary :
How will the NASDAQ perform ?
Is Kiwi dollars heading further south ?
AUDUSD is still strong, dont sell all positions
What is EURUSD telling us about the dollar ?
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