Dollar Weekly Forecast 28th Jan - 1st Feb
A lovely plunged which is quite overdue, the dollar fell from 96.6 to 95.8 during the US session.
The price actually came down from a weekly inside bar, signals that the price is most likely to fall further.
On a second note, a monthly evening star was formed just before December, and this month monthly candlestick is also about to close.
So if it closes with a red candle again, then one could say that the dollar has peaked.
There's already widespread concern about whether the Fed is still capable of raising interest rate and US government has remained shutdown for more than a month.
All of these are pointing to a very bearish dollar in the coming month of February.
There's definitely a chance to short the dollar again, but it will be most clear once the monthly candlestick for January is completed.
The price actually came down from a weekly inside bar, signals that the price is most likely to fall further.
On a second note, a monthly evening star was formed just before December, and this month monthly candlestick is also about to close.
So if it closes with a red candle again, then one could say that the dollar has peaked.
There's already widespread concern about whether the Fed is still capable of raising interest rate and US government has remained shutdown for more than a month.
All of these are pointing to a very bearish dollar in the coming month of February.
There's definitely a chance to short the dollar again, but it will be most clear once the monthly candlestick for January is completed.
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