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 begins to recover from morning’s support

The dollar index begins to recover from morning’s support

On Tuesday, the dollar index retreated to a new weekly low at 100.51

Dollar index chart analysis

On Tuesday, the dollar index retreated to a new weekly low at 100.51. During this morning’s Asian trading session, the index initiated a bullish consolidation that is still active. The dollar recovered to 101.00 and received support from the EMA 50 moving average. We are now at 100.95 and expect to stay in this small bullish channel and climb to a new daily high.

If we manage to stabilize above 101.00, it would be a small success that would strengthen the dollar index’s bullish position. This is a crucial moment for the index. After that, further bullish consolidation and the conquest of higher levels remain. Potential higher targets are 101.20 and 101.40 levels. A big test for the index is at 101.40 in the EMA 200 moving average.

 

We have been in a bullish trend since this morning, do we have the strength to continue?

For a bearish option, the dollar index would have to turn to the bearish side and pull below 100.80. This would drop below the EMA 50 moving average and lose its support, increasing the pressure on the index to start a further retreat. In that case, bearish consolidation would bring us below the 100.60 weekly open price. Potential lower targets are the 100.40 and 100.20 levels.

From today’s news, we highlight Crude Oil Inventories. The data will show in which direction crude oil stocks are moving. Tomorrow is an important day for the index because the data on US GDP and Initial Jobless Claims will be published. GDP is expected to increase from 1.4% to 2.8%. If the data is higher than forecast, it will positively affect the dollar index.

 

The post The dollar index begins to recover from morning’s support 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