Dollar Index Overview
Last week’s Forex market saw quite a lot of price movement, although it was the lead-up week to the Christmas Holiday and there was very little high-impact data released. The only releases were Canadian GDP and the Reserve Bank of Australia’s meeting minutes, neither of which contained any surprises or moved the market significantly.
The US Dollar fell, against its long-term bullish trend.
The US Dollar index ended the week notably lower.
First possible scenario in short term is to fall 95.50-95.00 and return back into the channel , then moving up on bullish side to 98.00-100.00.
Second long term scenario is bull-pack from 96.00 support trendline zone to 100.00-104.00
The Turkish Lira recovered sharply and has continued to advance following the Turkish government’s guarantee of the Lira’s real value against a basket of major foreign currencies for domestic depositors.
The coming week is likely to see a lower level of volatility due to the extremely slow economic calendar and continuation of the Christmas & New Year holiday season, with market direction likely to be determined by the impact of the omicron variant.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Last week’s Forex market saw quite a lot of price movement, although it was the lead-up week to the Christmas Holiday and there was very little high-impact data released. The only releases were Canadian GDP and the Reserve Bank of Australia’s meeting minutes, neither of which contained any surprises or moved the market significantly.
The US Dollar fell, against its long-term bullish trend.
The US Dollar index ended the week notably lower.
First possible scenario in short term is to fall 95.50-95.00 and return back into the channel , then moving up on bullish side to 98.00-100.00.
Second long term scenario is bull-pack from 96.00 support trendline zone to 100.00-104.00
The Turkish Lira recovered sharply and has continued to advance following the Turkish government’s guarantee of the Lira’s real value against a basket of major foreign currencies for domestic depositors.
The coming week is likely to see a lower level of volatility due to the extremely slow economic calendar and continuation of the Christmas & New Year holiday season, with market direction likely to be determined by the impact of the omicron variant.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.