Dollar Index Analysis
Fundamentals- The dollar remains on track to close the sixth consecutive week with gains, always underpinned by the uptrend in US yields, auspicious results from US fundamentals – which in turn support the idea of a strong recovery – a pick-up of risk aversion on omicron fears and lately by the hawkish twist in Powell’s testimony after he suggested the Fed will discuss adopting a quicker tapering pace at the December meeting, all pointing to a rates lift-off at some point in mid-2022.
Technicals- DXY is still in a very strong Uptrend on all higher timeframes (Daily, Weekly & Monthly). Potential counter-trend opportunities could occur if the price breaks below (95.510), signalling start of downtrend.
Daily Support Zone- (95.510 - 95.920)
H4 Resistance Zone- (96.580 - 97.180)
Technicals- DXY is still in a very strong Uptrend on all higher timeframes (Daily, Weekly & Monthly). Potential counter-trend opportunities could occur if the price breaks below (95.510), signalling start of downtrend.
Daily Support Zone- (95.510 - 95.920)
H4 Resistance Zone- (96.580 - 97.180)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.