Connect with us

Hi, what are you looking for?

Earnings PolicyEarnings Policy

Economy

The dollar index moved above 106.50 at the end of the week

The dollar index moved above 106.50 at the end of the week

The dollar index started this week at the 106.16 level.

Dollar index chart analysis

The dollar index started this week at the 106.16 level. In the first two days, we saw a pullback and the formation of a low dollar at the 105.36 level. We managed to get support at that level and initiate a bullish consolidation that took the dollar to the 106.89 level. In that zone, we encountered resistance, and after that, we did not manage to break through above but began to retreat.

During the previous Asian trading session, the dollar had resistance at the 106.70 level, which triggered a bearish consolidation and a drop to the 106.52 level. A fall below this support would lead to the formation of a new low, and we would have a strong bearish option. Potential lower targets are 106.40 and 106.20 levels.

What do we need for the growth of the dollar?

We need a positive consolidation and price return to the 106.80 level for a bullish option. Then we should move above and try to stay up there. After that, we could expect to start further growth and form a new high dollar index. Potential higher targets are 107.00 and 107.10 levels.

Next week is full of economic news from all three markets: Asia, Europe and the US. The most important news is the FED’s decision on the future interest rate. Estimates are that the interest rate will remain at the same level as before at 5.50%. Also important will be the Bank of England’s report on their future interest rate. The interest rate is also expected to remain at the same level. Other news is German GDP, European CPI, Chinese Manufacturing PM, NFP report and the US unemployment rate.

 

The post The dollar index moved above 106.50 at the end of the week 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

    Economy

    Everything You Need to Know about Tax Saving Deposit Navigating the world of investments can be daunting, especially when looking for options that offer...

    Latest News

    FBI Director Christopher A. Wray, who has been increasingly under attack from congressional Republicans, pushed back against his critics in a new interview, saying...

    Economy

    USDCHF and USDJPY: USDJPY is testing support at 150.00 The USDCHF pair jumped to 0.91126 levels on Wednesday, forming a new three-week high. The...

    Latest News

    One ripple effect of the Israel-Gaza war is the warp-speed unraveling of relations between President Biden and some of his most loyal voters: Muslims...

    Disclaimer: earningspolicy.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 earningspolicy.com