Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Economy

The dollar index is under slight pressure at 104.80 level

The dollar index is under slight pressure at 104.80 level

The dollar index is retreating from this week’s high formed yesterday at 105.18. 

Dollar index chart analysis

The dollar index is retreating from this week’s high formed yesterday at 105.18. Yesterday’s strong bearish consolidation brought the dollar down to 104.63 levels. After that, we sing to stabilize there and start the recovery. During this morning’s Asian trading session, the index recovered to 104.90, where it is encountering new resistance.

Now, we see a pullback from that level and go down to 104.75. We test the weekly open price and the EMA200 moving average support here. There is a better chance of seeing an impulse down to a new daily low and testing yesterday’s low. Potential lower targets are 104.60 and 104.50 levels.

 

Can the dollar index hold above the weekly open price?

If the dollar index manages to turn the situation in its favor, it presents a promising opportunity for a bullish recovery. A break above 104.90 leads to the formation of a new daily high. This could incite bullish consolidation and a return to the 105.00 level. Potential higher targets are 105.10 and 105.20 levels.

Among today’s important news, we highlight the Eurozone CPI. The data, which showed a slight increase in inflation from 2.4% to 2.6%, had a significant impact on the euro as it was followed by an interest rate cut by the ECB. In the afternoon, in the US session, we have the Core PCE Price Index, Chicago Purchasing Managers Index and Canadian GDP. During the publication of this news, we can expect increased volatility of all USD pairs.

 

The post The dollar index is under slight pressure at 104.80 level 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

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.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 smartsuccessstrategy.com