The dollar climbed but wiped out most gains after facing strong resistance at 100.30, a breakdown area of a previous inside bar formation. At the beginning of last week, the price continued to fall and broke lower.
Dow Jones continued to climb and broke previous high 23900 last Friday as the market reopened with a huge upward gap. The price has ranged throughout the week and lower highs started to form too.
The dollar completed 2 minor bullish waves and started to fall last week. Looking at the bigger picture, the dollar actually started to fall again from the top of the near 2-year rising channel. T
The dollar climbed through the week despite extremely weak employment data. The NFP result was pretty much expected and the market could already have digested the fact way before the release. D
The dollar had one of the biggest falls in more than a decade but not with surprise. It had one of the biggest surges just the week before and therefore the magnitude of the pullback is just understandable.
"Not until the dollar breaks above 100, we will keep a bearish stance" was what I've mentioned in the previous forecast. Apparently, once it broke 100 psychological level, the price surged all the way to 103.8, deep into a 3-year supply zone.
2 things happened as our forecast last week: 1) The dollar broke new low and reach the 17-month demand zone around 95 2) The dollar pulled back into the supply zone sitting above 97.
The dollar plunged for a second week and the had the biggest dropped in a week in 4 years. The acceleration of the slide was most definitely caused by an emergency rate cut by the Fed...
The dollar broke a 34-month hight but faced strong resistance just before reaching 100. The reversal came as soon as...
The dollar rose for the 2nd consecutive week and reached a 4-month supply zone. Fed Chairman Powell was hawkish in his last testimony and inflation rate hit a 15-month high.