Connect with us

Hi, what are you looking for?

Oracle of  Omaha SaysOracle of  Omaha Says

Investing

The dollar index retreated to the 105.60 support level 

The dollar index retreated to the 105.60 support level 

The dollar index has been in bearish consolidation since the beginning of this week.

Dollar index chart analysis

The dollar index has been in bearish consolidation since the beginning of this week. On Monday, we saw the formation of a weekly high at the 106.39 level. This was followed by a pullback to the 106.10 support level. On Tuesday, the dollar encountered resistance at 106.20, and there, we formed a lower high compared to the day before.

Then, after yesterday’s news in the US session, we see a strong bearish consolidation up to the 105.60 level. During this morning’s Asian session, the index formed a new weekly low at 105.59 and, from there, started a bullish consolidation, returning above the 105.80 level. There, we get the support of the EMA200 moving average, and for now, we are successfully holding above it. We are currently at the 105.85 level and we expect a bullish impulse that would move us to the 106.00 level.

Can the dollar bounce back above the 106.00 level?

Above 105.90, we get a support and EMA50, establishing a bullish path recovery of the dollar index. Potential higher targets are 106.10 and 106.20 levels. We need a new drop below 105.80 and the EMA200 moving average for a bearish option. Thus, we are moving into a pressure zone, which would have a negative impact on the movement of the dollar. Potential lower targets are 105.70 and 105.60 levels.

In the US session, we will have news on Durable Goods Orders for March, Crude Oil Inventories and the 5-year Note Auction. Australian inflation data was released this morning in the Asian session. Inflation was higher than forecast, which will influence the RBA to leave the interest rate still high. On Friday, we are waiting for the US session and news about US GDP and Initial Jobless Claims.

 

The post The dollar index retreated to the 105.60 support level  appeared first on FinanceBrokerage.

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






    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.
    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

    Latest News

    A former Republican legislative candidate who traveled to Washington for former President Donald Trump’s ‘Stop the Steal’ rally was arrested Friday and charged with...

    Latest News

    Abbe Lowell, Hunter Biden’s attorney, filed an ethics complaint Friday against Georgia Rep. Marjorie Taylor Green after she displayed censured nude photos of the president’s...

    Stock

    Even as U.S. inflation broadly cools, frozen vegetable prices are hot. The average shelf price for frozen veggies rose by 18% in the past year...

    Latest News

    President Biden has overruled the Pentagon and chosen Adm. Lisa Franchetti to lead the Navy, making her the first woman, if she’s confirmed, to...

    Disclaimer: Oracleofomahasays.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 Oracleofomahasays.com