Forex News Letter: Should Your Focus Be Only on the Dollar Index Today?

The forex news is in but with no prominent US data in sight, what’s the signal that the market is giving?

With a focus on the dollar index and also the Pound sterling in a hot position, what’s in store for the market?

Let’s dive in and understand the technical analysis for the specifics.

       

Dollar index

         ( Yesterday We Recommended to Sell !! Below 103.72) 

         ( Both Target Hit  103.68–103.50)   

       Dollar index is trading around 104.57.

   Below 104.35… Sell it.

    Downside Targets Looks  104–103.80 

 Stop loss below 104.65.

   XAUUSD

         ( Yesterday We Recommended to Buy !! Above $2029) 

         (Made a high  $2031)      target $2035    

    Buy Above  $1995

  Upside Targets Looks  $2000–$2005.
      Stop-loss $1988.

XAGUSD   

   Buy Above  $22.23…
              Upside Targets Looks  $22.45– $22.60.

       Stop Loss $21.91.

         COPPER         

  Buy Above  $3.72

  Upside  Targets Look $3.74– $3.76.

  Stop Loss $3.68.

  CRUDE OIL (WTI)                                                          

                             Crude Oil is Trading Around $78.04.

                                 Above  $78.50… Buy it!!

                                  Upside Target $79.20-.$80. 

                                        Stop Loss $77.70.  

             NASDAQ

 ( Yesterday We Recommended to Sell!! Below 17830 ) 

       ( Both Target Hit 17790-17770)   
         Buy Above 17800  Levels Only…!!
      Upside Target Looks 17850-17900.

      Stop-loss 17750.

  S&P 500 E-Mini 

         ( Yesterday We Recommended to Sell !! Below 5018) 

       (Both  Target Hit 5003–4980)  

                 S&P 500 Support 4980
            Buy Above  5002

                   Upside Target Looks 5017-5037.

        TOP PICK– EURGBP

( Yesterday We Recommended to Buy USDCHF !! Above 0.8821) 

         (Target Hit   0.8920)    

Sell Below 0.85214  Stop-loss 0.85360   Target 0.8110.

Forex News: Should We Focus on the Dollar Today?

The US Dollar has become the strongest performer in the G10 space. As per the analysis the dollar is set to hold recent gains for a couple of more weeks. With strong US CPI data, what’s next for the dollar index is yet to be seen!!

The GBP or Pound Sterling has dropped at a sharp pace as UK inflation is on the path of deflation. As per the latest reports, the soft inflation report and moderate growth in the Average Earnings are expected to allow Bank of England policymakers to consider early rate cuts than market participants had anticipated.

That’s all for today!!

We’ll be back with more news soon.

Until then, Happy Trading!!

Commodity Samachar
Learn and Trade with Ease

Also Read : Dollar Index Touched Expected Resistance – What Next? , Economic Outlook: Can Eurozone And UK Indicators Ignite Volatility?

Recommended Read : Forex News Letter : Will US CPI Data Be Instrumental In Shaping Fed’s Decisions?

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