The Dollar index closes this week positively above 103.00
This week, the dollar index started a bullish consolidation and reached 103.69.
Dollar index chart analysis
This week, the dollar index started a bullish consolidation and reached 103.69. This high was formed on Wednesday after which we see a pullback to support at the 10315 level. Yesterday, we saw a new bullish attempt, which was stopped at the 103.60 level. During the previous Asian trading session, the dollar moved in the 103.30-103.50 range.We can notice that the dollar is under a little pressure that could negatively affect further movement.
With a bearish impulse, we would go down to test 103.15, the previous support level. If we do not get support there either, the index should continue towards the 103.00 level. In that zone, slightly below at 102.90, we find the EMA200 moving average, which was our support this week.
Does the dollar stop for now or continue to the 104.00 level
We would have to move up to the 103.60 level for a bullish option. That would bring us closer to testing this week’s high. With new momentum, the dollar could easily do so and form a new high. Potential higher targets are 103.80 and 104.00 levels.Next week will have more economic news in the second part of the week.
The first two days of the week do not bring anything important regarding economic news. We will see the BoC Interest Rate Decision, US Services PMI, US Manufacturing PMI, and Crude Oil Inventories on Wednesday.
On Thursday, we highlight the EBC Interest rate Decision, US GDP, US New Home Sales and the ECB press conference. Friday is a holiday and a non-working day in Australia, and from the news, we highlight the monthly and annual US Core PCE Price Index.
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