USD PRICE OUTLOOK EYES POWELL SPEECH, TRADE BALANCE & CONSUMER CONFIDENCE DATA FOR POTENTIAL US DOLLAR VOLATILITYUSD value mo
USD PRICE OUTLOOK EYES POWELL SPEECH, TRADE BALANCE & CONSUMER CONFIDENCE DATA FOR POTENTIAL US DOLLAR VOLATILITY
- USD value motion is combined on stability with the DXY Index edging barely increased all through Monday’s buying and selling session
- US Greenback outlook turns to an upcoming speech from Fed Chair Powell in addition to the discharge of commerce stability and shopper confidence knowledge
- Take a look at IG Client Sentiment for particulars on retail dealer positioning on EUR/USD, AUD/USD, USD/JPY along with a number of different currencies and markets
The US Greenback topped its 50-day simple moving average and 38.2% Fibonacci retracement stage of its bullish stretch from June’s low to October’s excessive in a continuation of final week’s rally.
Eclipsing these technical obstacles now opens up the door for the US Greenback to increase increased and retest its month-to-date highs close to the 98.45 mark when analyzing USD value motion by way of the DXY Index.
US DOLLAR INDEX PRICE CHART: DAILY TIME FRAME (MAY 20, 2019 TO NOVEMBER 25, 2019)
Chart created by @RichDvorakFX with TradingView
Upward momentum has gained tempo judging by bullish divergence on the MACD indicator whereas the RSI not too long ago perked again up above 50 – each of which communicate to the current resurgence of US Greenback energy.
That mentioned, the 23.6% Fib might function a attainable upside goal for USD bulls past the 98.45…