Connect with us

Hi, what are you looking for?

Stock

The dollar index today is very bullish above 104.30 level

U.S. dollar rate

The dollar index today is very bullish above 104.30 level

  • The dollar index managed to stop the previous bearish consolidation at the 104.00 support level.

Dollar index chart analysis

The dollar index managed to stop the previous bearish consolidation at the 104.00 support level. Yesterday, we tested that level on two occasions, after which we turned to the bullish side. During this morning’s Asian trading session, the index climbed above the previous high at 104.30. With this step, we see a double bottom formation, which confirms a continuation to the bullish side.

Potential higher targets are 104.40 and 104.50 levels. The dollar index could have additional resistance in the EMA200 moving average in the zone of 104.55. We need a new negative consolidation and a pullback below the EMA50 moving average for a bearish option.

Dollar index chart analysis

Will the dollar index continue to rise, or is this recovery short-term?

By descending to 104.20, we move to the bearish side and approach the daily open price at 104.15. Further instability and weakening of the dollar leads to a continuation of the pullback to support tests in this week’s zone, around 104.00. Potential lower targets are 103.90 and 103.80 levels.

In the afternoon hours in the US session, we have a lot of important news that could increase market volatility. The first are the ADP Nonfarm Employment Change and the S&P Global Services PMI. Then, the Bank of Canada will announce its future interest rate. Economists expect the interest rate to decrease from 5.00% to 4.75%. Fifteen minutes after that news, we have ISM Non-Manufacturing PMI, ISM Non-Manufacturing Prices and Crude Oil Inventories. A stormy US session is expected.

The post The dollar index today is very bullish above 104.30 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