Week ahead is big for the dollar, most importantly FED rate is to rise on Wednesday meeting. Powell rhetoric after the rate could set next trending move for the weeks ahead. On a daily chart, DXY broke the support and 100 SMA last week and bounced of the next support zone at 93.80 area, retracing to the previous candle lows. 4 hour chart shows resistance at the current level. With week ahead price still looks bearish on this chart. All depends on Powell rhetoric. NZD has also bank rate on Wednesday, highest volatility chart.
News for the week on dollar:
Tuesday - Consumer confidence.
Wednesday - FED rates (forecast is to increase).
Crude Oil Inventories.
Thursday - Core Durable Goods.
Final GDP q/q.
Jerome Powell speech.
Have a great week!
News for the week on dollar:
Tuesday - Consumer confidence.
Wednesday - FED rates (forecast is to increase).
Crude Oil Inventories.
Thursday - Core Durable Goods.
Final GDP q/q.
Jerome Powell speech.
Have a great week!
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Dollar continues to sell, now about to test the support area again. On the break lower we can add another short. If the candles start showing rejection we could trade a bounce here with a good RRR.