Connect with us

Hi, what are you looking for?

Stock

The dollar index surged this morning to 104.75 level

U.S. dollar rate

The dollar index surged this morning to 104.75 level

  • The dollar index received support at the 104.36 level on Friday.

Dollar index chart analysis

The dollar index received support at the 104.36 level on Friday. After that, we saw the start of a recovery that continues today. During this morning’s Asian session, the index briefly retreated to 104.50 levels. It then initiated a positive consolidation and recovered to 104.76 levels. In this zone, we are testing the EMA200 moving average and hoping for a break above to continue on the bullish side.

Potential higher targets are 104.80 and 104.90 levels. If the dollar index strongly surges, it could rise above the 105.00 level. The opposite is the resistance at the EMA200 and 104.75 level. Failure to move above will result in us seeing the initiation of a negative consolidation.

Dollar index chart analysis

Could the dollar continue above 105.00 if it remains in a bullish consolidation?

Such a move of the index would bring us down to testing the weekly open price at the 104.60 level. Increased bearish momentum would easily push the dollar below and thus continue the bearish consolidation. Potential lower targets are 104.50 and 104.40 levels.

This week is full of important economic news. Today, in the US session, we highlight the S&P Global US Manufacturing PMI, ISM Manufacturing PMI and ISM Manufacturing Prices. On Tuesday, we have JOLTs Job Openings. We have the following for Wednesday: ADP Nonfarm Employment Change, Crude Oil Inventories, and S&P Global Services PMI. Also, important news is the Bank of Canada and the publication of data on the future interest rate. The forecast is that the interest rate is expected to decrease from 5.00% to 4.75%.

The post The dollar index surged this morning to 104.75 level appeared first on FinanceBrokerage.

You May Also Like

Investing

Newmont (NYSE: NEM) reported mixed financial results even as the price of gold approached its all-time high. In all, the company’s earnings per share...

Investing

Fisker (NYSE: FSR) stock price has been one of the best-performing electric vehicle (EV) stocks this week even as Tesla slumped. The shares jumped...

Investing

NatWest (LON: NWG) share price rose sharply, helped by the strong results from Barclays. The stock jumped to a high of 274.8p, which was...

Investing

The Fox Corporation (NASDAQ: FOX) stock price has been under pressure as investors come to terms with the abrupt firing of Tucker Carlson. The...




Disclaimer: Oldamericanbroker.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the-company.


Copyright © 2024 Oldamericanbroker.com