- Analytics
- Market analysis
- Technical Analysis
- US Dollar Attacks Strong Resistance
US Dollar Attacks Strong Resistance
The greenback has currently been advancing for five days in a row and it was also bid on Tuesday. The Dollar index rose 0.30% during the London session and changed hands at 95.60 at the last check.
Bulls are currently attacking one of the first major resistances of previous highs - which is at 95.65 -and they have blocked many attempts over the last few weeks. Considering that the US Dollar has been rising over the past five days, traders may take an advantage and the index could fail at this resistance again.
However, if the price jumps beyond, the bullish momentum would be confirmed, and the next target might be at current cycle highs, at around 96.85.
The index needs to stay above 95.00 for a constant positive outlook. Should the price decline below 95.00, we could see some consolidation or a potential decline to 94.50.
US yields are not rising today and, therefore US traders might send the greenback lower later in the day, considering the strength of the mentioned resistance.
Disclaimer:
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
