Dollar: Weekly Forecast 13th - 17th April 2020
The dollar completed 2 minor bullish waves and started to fall last week.
Looking at the bigger picture, the dollar actually started to fall again from the top of the near 2-year rising channel.
The dollar is no longer strengthening as the US economy undergone a huge setback in the face of the pandemic.
The fed is currently printing an unlimited amount of money to support the economy and increased supply of the dollar will naturally weaken the dollar eventually.
Just before the market closes last week, the price fell and broke below an inside bar candlestick formation, signalling that price has more to fall.
In this week, we can wait for the price to retrace upwards and look for selling opportunities again between 99.8 - 100.
Looking at the bigger picture, the dollar actually started to fall again from the top of the near 2-year rising channel.
The dollar is no longer strengthening as the US economy undergone a huge setback in the face of the pandemic.
The fed is currently printing an unlimited amount of money to support the economy and increased supply of the dollar will naturally weaken the dollar eventually.
Just before the market closes last week, the price fell and broke below an inside bar candlestick formation, signalling that price has more to fall.
In this week, we can wait for the price to retrace upwards and look for selling opportunities again between 99.8 - 100.
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