Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan


The dollar index remains low around the 103.20 level

The dollar index remains low around the 103.20 level

During the Asian trading session, we saw the continued pullback of the dollar index to the 103.20 level.

Dollar index chart analysis

During the Asian trading session, we saw the continued pullback of the dollar index to the 103.20 level. The dollar remains under pressure to visit and test the 103.00 level. That could easily happen if we see a drop below 103.20, the current support level. The report on weaker inflation had a lot of impact on the dollar’s current state.

Market participants characterized that inflation report as a sign that the Fed will not raise interest rates any more and that we could soon expect to see the first reduction in those interest rates. Such a scenario could easily push the dollar below the 103.00 level. Potential lower targets are 102.80 and 102.60 levels.

What the dollar needs to do to start the recovery

We need a new positive consolidation and a return above the 103.60 level for a bullish option. In this way, we would first form this week’s high. Then, we need to form a new bottom in that zone, from which we would move to the bullish side with a new impulse. Potential higher targets are 103.80 and 104.00 levels. Additional resistance is the EMA50 moving average in the zone, around 103.80 levels. Last week, we failed to move above it.

This week will be interesting with economic news because we will have it from all sides. We’ll highlight the most important ones: RBNZ and the interest rate hike, German CPI, US GDP for the third quarter, China’s Manufacturing PMI, Eurozone CPI, and for Friday, Powell’s speech on potential future steps by the Fed.

The post The dollar index remains low around the 103.20 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

    Latest News

    Donald Trump’s defense attorneys Wednesday asked the federal judge handling the government’s classified documents case to allow the former president and his legal team...

    Latest News

    Decrying what he saw as the liberal bias of ChatGPT, Elon Musk earlier this year announced plans to create an artificial intelligence chatbot of...

    Latest News

    One of the newest judges on the Fulton County Superior Court bench, Scott McAfee, has been assigned the sprawling racketeering case that charges former...

    Latest News

    LIVE OAK, Fla. — President Biden traveled to Florida on Saturday to survey the damage caused by Hurricane Idalia, part of a storm response...

    Disclaimer:, 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