Having a look at the dollar index. We are within a bullish channel for a few weeks now, after breaking out of the inverse head and shoulder pattern.
Looks to be last week DXY started loosing traction. and fell to a near strong support zone as a parallel bullish channel trend. I am under the suspicion that fundamentals will be the driving reason behind dollars next move. I am favoring the reversal so far.
Fundamentals- this week to be released related to the interest of the dollar are: Consumer price index. It has been mentioned that we may not be expecting what investors would want to see. This may not be what the market is looking to be told. Meaning the market might be looking for the interest rate hike possibility. Or interest. So this fundamental could be completely ignored.
Tuesday- PPI data release after Chair of Federal Reserve Speaks at a conference.
Thursday- Unemployment Claim Numbers.
Friday- Building plans Data.
Technical- History on the 4hr chart shows the bullish rejection along illustrated parallel trend line. Stoich RSI shows a near bottoming insight. Now i would still watch to see if this zone holds. Bullish dollar is still considerably note worthy.
Daily Chart- Shows a retest of the neckline for the Previous head and shoulders break. These technicals usually suggest a setup for bullish momentum.
Looks to be last week DXY started loosing traction. and fell to a near strong support zone as a parallel bullish channel trend. I am under the suspicion that fundamentals will be the driving reason behind dollars next move. I am favoring the reversal so far.
Fundamentals- this week to be released related to the interest of the dollar are: Consumer price index. It has been mentioned that we may not be expecting what investors would want to see. This may not be what the market is looking to be told. Meaning the market might be looking for the interest rate hike possibility. Or interest. So this fundamental could be completely ignored.
Tuesday- PPI data release after Chair of Federal Reserve Speaks at a conference.
Thursday- Unemployment Claim Numbers.
Friday- Building plans Data.
Technical- History on the 4hr chart shows the bullish rejection along illustrated parallel trend line. Stoich RSI shows a near bottoming insight. Now i would still watch to see if this zone holds. Bullish dollar is still considerably note worthy.
Daily Chart- Shows a retest of the neckline for the Previous head and shoulders break. These technicals usually suggest a setup for bullish momentum.