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Gold weekly analysis: The USD in under pressureThe dollar has posted its worst weekly performance in five months as it closes out the week. China's gross domestic product (GDP) is higher than expected is at the top of all of the other happenings this week. We will be keeping an eye on various data points throughout the week. It was the largest weekly loss in the general index of the US dollar since August of last year when it closed the trading session on Friday, the 14th of January, at levels of 95.14, after testing its lowest level in two months at 94.60 midweek, as the US dollar ignored all the news that supports the speed with which the US Federal Reserve is tightening policy. Because of his monetary policy, which includes raising US interest rates more quickly during the current year and raising expectations that what will raise interest rates four times during the current year rather than three times as previously expected, interest rates are expected to be submitted four times during the current year. At the beginning of the week, statements by US Federal Reserve Chairman Jerome Powell reinforced these expectations, as Powell stated in his testimony before Congress that the US Federal Reserve must raise interest rates quickly to counteract the effects of accelerating inflation. According to the most recent figures, the consumer price index in the United States of America increased at an annual rate of 7 percent in December, compared to 6.8 percent in the previous reading, in line with expectations for the fastest rate of inflation growth in 40 years. In November, the consumer price index increased at an annual rate of 6.8 percent, compared to 6.8 percent in the previous reading. The dollar did not benefit in any way from all of this, and despite the positive news that dominated most of last week's sessions for the US dollar, the dollar continued to decline sharply. However, I believe this can be explained by the beginning of the year and the construction of new centers, especially given the high expectations of pricing an opportunity greater than 90 percent. Moreover, according to the FedWatch CME Group tool, what will raise the interest rate in March, and it will be presented a total of four times during the current calendar year, starting in March. One of the most recent data released last week was the December retail sales data from the United States, which came in below expectations and disappointed as sales fell by 1.9 percent in December, raising concerns about the economy and rising inflationary pressures on consumers spending. Aas fundamentally the USD is under pressure, so the gold still has chances to go upside in the coming days. Check out the H4 chart to better understand. What is it that the markets are looking forward to this week? Several important economic reports are expected to be released during the sessions of the current week, and the markets are anticipating them. We began the day with data from China's growth and retail sales, which were released during the Asian session, as well as minutes from the Central Bank of Japan's meeting, inflation data from Canada and the United Kingdom, labor market data from Australia and the United Kingdom, and manufacturing data from the United States of America. Data released by the Chinese National Bureau of Statistics in the Asian session today, Monday, showed that the country's gross domestic product (GDP) increased by 4 percent in the fourth and last quarter of 2021, exceeding expectations of growth of approximately 3.7 percent. On the other hand, retail sales fell short of expectations, with annual sales growth slowing to 1.7 percent, down from 3.9 percent in November and expectations of 3.8 percent in December. On the other hand, industrial production increased by approximately 4.3 percent in December, compared to a growth of 3.8 percent in November, exceeding expectations of a gain of 3.7 percent, while the rate of investment in fixed assets increased by approximately 4.9 percent. The Bank of Japan is featured prominently on the front page. The Bank of Japan is expected to announce its monetary policy tomorrow, Tuesday, during the Asian session, with expectations indicating that the Bank of Japan will maintain its monetary policy and interest rates at -0.10 percent. The sharp rise in the value of the Japanese yen over the past week may explain why the Bank of Japan has hinted that it may impose strict measures shortly, particularly in light of the rise in inflation in Japan, which is in line with the global trend. On the other hand, Japanese bond yields saw significant increases last week, with the 10-year bond yield reaching its highest level in more than a year on concerns that the Bank of Japan will tighten monetary policy shortly. We will keep an eye on various data points throughout the week. Today, Monday will be a trading holiday in the United States observant of Martin Luther King Day. At the same time, manufacturing sales and the Bank of Canada survey of business outlook will be released from Canada in the late afternoon and evening. During the Asian trading session on Tuesday, the Bank of Japan will announce its monetary policy, while during the European trading session, we will be looking at data from the British labor market, the ZEW index from Germany, and the Eurozone, and during the American trading session, we will be looking at the Empire Estate manufacturing index from the United States of America. Thursday's economic calendar includes inflation data from the United Kingdom in the European period and Canada in the American session and statements from Bank of England governor Mark Carney at the end of the American session. On Wednesday, inflation data will be released in European and American sessions. What will monitor Thursday's labor market data from Australia (unemployment rate and change in employment) in the Asian session? At the same time, the European region will release the final inflation reading in the European period - in the American session, the Philadelphia manufacturing index, weekly unemployment benefits, and home sales will be removed, among other things. The final session of the week is on Friday. The Bank of Japan meeting minutes will be released during the Asian session, and we will be keeping an eye on retail sales in the United Kingdom and Canada during the European and American sessions, respectively.
TVC:GOLDLong
by Gold_Trading_Expert
2
The US dollar index is more likely to continue declining US dollar Index is heading for deeper losses ahead of US retail sales release . The losses in the greenback has been shown in all its main peers on Thursday. Looking at the technical side, the US dollar Index broke from it's wedge formation and took out the ascending trend line support. With 100 Moving Average ahead of it, we could expect further decline if the moving average is successfully penetrated and thus the bears would eye the 93.380 significant level. Taking a look at USDJPY, we see that it has also penetrated through the support of the rising trendline. We could expect more bearish momentum in this pair and as bears eye the 100 Moving Average. The RSI shows that the pair is bearish and further weaknesses is more likely. USDJPY Snapshot👇 If you enjoy this idea please show your support with likes.
TVC:DXYShort
by Forexintelligence_NA
DXYHey Traders, in the coming week we are monitoring DXY for a buying opportunity around 96 zone respecting the daily supply and demand zone in combination with the bullish trend. Once we will receive any bullish confirmation the trade will be executed. i highly recommend doing US DOLLAR INDEX analysis at the entrance of every trading week if not everyday to trade USD pairs in more professional way. a bullish DXY can result a xxxUSD drop and a bearish DXY can result a xxxUSD Pump Trade Safe, Joe.
TVC:DXYLong
by JoeChampion
2
DXY Head and Shoulders may lead lower. Levels to watch.My most recent analysis on the U.S. Dollar Index (DXY) was a long-term one comparing the current situation to mid 2018, plotting a potential long-term Channel Up for next year but calling first for a sizeable correction: This time I bring you back to the 1D time-frame where my call for a shorter-term correction may be taking shape after all, as DXY seems to have formed a Head and Shoulders (H&S) pattern (which is a bearish reversal formation). That leaves us with 2+1 potential downside targets: 1) If the underlying Pivot trend-line (green dashed line) breaks, then I expect DXY to seek the bottom (Higher Lows trend-line) of the Channel Up as shown on the chart and potentially make contact with the 1D MA50 (blue trend-line). 2) If a 1D candle is closed below the 1D MA50, then I expect further downtrend towards the bottom of the blue Channel, which I expect to be the dominant long-term pattern as we move forwards. 3) If that breaks too however, I expect one final bearish target on the 1D MA200 (orange trend-line) and the 0.786 Fibonacci retracement level. -------------------------------------------------------------------------------------------------------- ** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. ** --------------------------------------------------------------------------------------------------------
TVC:DXYShort
by TradingShot
1
#JPYUSD Long term view shows weaker US$ and re-test of 110Hi All, my main 3 take-outs from this analysis are the following: 1- In the weekly chart - so long term view - the US$ is possibly going to re-test the 110 area (at least!). In fact, in that area we have a strong uptrend line (in red) which will possibly act as support 2- The cross came out from a descending channel which lasted since the end of 2016, and this breakout happened in March this year 3- Fibonacci tool suggests that the cross might not only re-test the 110 level (38.2 fibo level) but also test the 109 and the 107 (50% and 61,8%) Not a financial advice, just personal opinion. Do your own due diligence and good luck!
Short
by FrancescoMerlettini
#GBPUSD possible rebunce on reverse H&S neckline!Hi All, my main 3 take-outs from this analysis are the following: 1- The cross is just re-testing the static support at 1.3360, which also recalls the neckline of a wide reverse head & shoulder, which is visible in the daily chart. 2- The cross is rebouncing on the 61.8 fibonacci level of the uptrend leg that started on Sep 2020 from the 1.27 level, and this might be an area of demand which might support the rebounce 3- Talking about correlations, the fact that EUR/USD is also possibly rebouncing might support the idea of a weaker dollar in general Not a financial advice, just personal opinion. Do your own due diligence and good luck!
Long
by FrancescoMerlettini
DXY Bearish PressureAlthough US Dollar Index is in the uptrend and price is bouncing on the ascending trend line, price is facing a strong bearish pressure and has started to retrace the previous uptrend. Currently, price is dropping sharply and I expect a fall to 95.520, which is also the 38% level of Fibo. If today’s Daily candle closes below the yesterday’s candle and engulfs it, we expect more drop on DXY to the next low which is also an approach and a retest to the ascending trend line (94.00) for the next week. What is your outlook on DXY? Feel free to share your ideas in the comments.
TVC:DXYShort
by Mahtab_Tradia
27
DXYHey Traders, hope you had a great Weekend. it's time now to start a fresh week, i would love to recommend you to take in consideration the USD INDEX analysis in the beginning of every week at least if not everyday. That will help you to trade USD pairs more professional and will help you to spot the direction of USD pairs too. in this week we will be focusing on the selling opportunity of USDX around the weekly supply zone at 95.3, once we will receive any bearish confirmation the trade will be executed. Happy Monday, Joe!
ICEUS:DXYShort
by JoeChampion
9
USD Index Nearly Its Correctio Level, Let the marker correctUSD Index Nearly Its Correctio Level, Let the marker correct first, then we can carry buy the USD against all other major currencies except safe-haven assets again. As an investor and trader, you should buy at a low price and close at a higher price if you can't win at buying and must not make a profit at selling. From the present condition, 95/95.30 is identified as a rising channel trend-line resistance level. So, the Dollar index may go for a downward correction to 94/93.80 points. So, all the primary currencies may get strong against 70/100 pips against the USD. So, before you sell any central pair like Eur/USD, GBP/USD, AUD/USD, and NZD/USD or sell USD/CAD and USD/CHF, I suggest you think first. Let the market complete the correction first, then enter. Otherwise, it will be costly. USD index strong supports identified at 93.50./93.00 points. As long as the market is above 93.00 points, we can continue to buy the USD. Breaking below the 93.00 points, the USD index will change its trend, not before I think so. and the upside target is 96/97.00 in the upcoming days.
TVC:DXYLong
by Gold_Trading_Expert
DXY Triple Top formation aiming at 92.500The U.S. Dollar Index has made a Triple Top just over 94.260. Currently the 4H MA200 (orange trend-line) is giving a short-term bounce but the true Support is the 1D MA50 (red trend-line), which already held once on October 28. Based on the long-term Bullish Megaphone though, the downside target of a Higher Low is the 0.786 Fibonacci retracement level and that is around 92.500. -------------------------------------------------------------------------------------------------------- Please like, subscribe and share your ideas and charts with the community! --------------------------------------------------------------------------------------------------------
TVC:DXYShort
by TradingShot
45