September 23, 2018

Orbex, Market Trend - Technical & Fundamental Analysis on USD

A weakness in the USDX could potentially see gains from the Euro, the AUD and the NZD.

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This article is originally referred from Orbex Technical Outlook.

The U.S. dollar index has been on a powerful rally since the past few years.

However, recent technical outlook is starting to show signs of exhaustion to the rally.

The U.S. dollar index is now trading at a critical level which could potentially see at least a short term correction.

This also coincides with the Federal Reserve monetary policy meeting due this week.

From a technical outlook, the dollar posted strong declines after hitting a peak of 96.86 around August 15 this year.

Since then price action fell sharply to find support at 94.33 level. This led to a brief bounce in price action followed by an eventual break down of the support.

By Friday’s close, the U.S. dollar index was seen attempting to retrace some of the losses.

By early this week, we expect the U.S. dollar index to potentially post modest gains as resistance is most likely to be established around the 94.33 level which previously served as support.

A successful retest of this level could potentially pave the way for the U.S. dollar index to extend the declines.

The corrective move could eventually send the dollar down to 90.87 – 90.60 level in the near term.

This would mark a retest of the long term resistance level that would be tested for support.

A weakness in the USDX could potentially see gains from the Euro, the AUD and the NZD.

Original Source: Orbex Technical Outlook

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