US DOLLAR PRICE OUTLOOK: FED RATE CUT BETS FIRM, USD LIQUIDTY RISES FURTHERUSD value motion has hemorrhaged over the past three w
US DOLLAR PRICE OUTLOOK: FED RATE CUT BETS FIRM, USD LIQUIDTY RISES FURTHER
- USD value motion has hemorrhaged over the past three weeks, however the buck now appears to be like to stem the bleeding because the world’s reserve foreign money gravitates round main technical ranges
- The US Dollar continues to be pushed overwhelmingly by counterpart efficiency with the FOMC blackout interval underway
- Take a look at this perception on How to Trade the Top 10 Most Volatile Currency Pairs
US Greenback value motion is at the moment gravitating barely above confluent help supplied by the DXY Index’s 50-week simple moving average in addition to the 23.6% Fibonacci retracement degree of its buying and selling vary because the buck’s February 2018 swing low. But, aggressive promoting throughout main USD foreign money pairs over the past a number of days pushed the US Greenback Index under rising trendline help that connects the sequence of upper lows recorded early final yr to the upper swing low printed this previous June, which additionally seems to type a rising wedge chart pattern.
US DOLLAR INDEX PRICE CHART: WEEKLY TIME FRAME (OCTOBER 02, 2017 TO OCTOBER 21, 2019)
Chart created by @RichDvorakFX with TradingView
That stated, if the 50-week SMA fails to maintain the US Greenback afloat, the DXY Index has potential to sink even decrease towards the 96.00 deal with and strategy confluent help close to its 100-week…