US DOLLAR CURRENCY VOLATILITY STILL ELEVATED WITH CONSUMER SENTIMENT REPORT ON DECKThe US Dollar slid beneath confluent assist on
US DOLLAR CURRENCY VOLATILITY STILL ELEVATED WITH CONSUMER SENTIMENT REPORT ON DECK
- The US Dollar slid beneath confluent assist on Thursday and leaves the buck uncovered to additional draw back as current USD value motion will get overshadowed by counterpart power
- Foreign exchange merchants will doubtless flip to the upcoming client sentiment report launch as markets await additional particulars on US-China commerce talks to gauge the greenback’s subsequent path
- For complete basic and technical perception on the US Greenback, obtain our free 4Q-2019 Forecasts and Trading Guides
The US Greenback got here below strain throughout Thursday’s buying and selling session, which pushed the DXY Index beneath a vital assist stage. USD value motion might nonetheless gravitate again above this confluent space, nevertheless, seeing that draw back was pushed more-so by counterpart power fairly than buck weak spot. Particularly, EURUSD surged after September ECB minutes confirmed division amongst the central financial institution’s officers whereas GBPUSD skyrocketed on renewed Brexit deal hopes. EURUSD and GBPUSD comprise 57.6% and 11.9% of the DXY Index respectively.
US DOLLAR INDEX PRICE CHART: DAILY TIME FRAME (APRIL 17, 2019 TO OCTOBER 10, 2019)
Chart created by @RichDvorakFX with TradingView
The newest stretch of US Greenback promoting strain pushed the RSI again to 50 and precipitated the MACD…