Weekly forex forecast: Technicals and fundamentals align for further declines in DXY [Video]
Markets covered in this week’s weekly forex forecast
DXY, EurUsd, AudUsd, NzdUsd, GbpUsd, UsdChf, WTI, UsdCad, NzdJpy, NzdChf, AudJpy, AudChf, SPX, RUT, NDX, Nifty, DJIA, XauUsd, XagUsd & Bitcoin.
Weekly notes
Last week saw the previous 3 month Risk Off play come to an end as the DXY looks to have formed a near term top, sending the New Zealand Dollar and Australian Dollar soaring in the process.
The technicals and the fundamentals seem to be aligning for a top in the Dollar Index. A monthly reversal candle combined with a big downside miss in US Non Farm Payrolls last week saw markets pivot to Risk On for the first time in over 12 weeks, setting up a decline in the Dollar Index to the 88.46 - the long term target for the Dollar Index in previous Weekly Forex Forecasts. Last weeks Non-Farm Payrolls miss clearly has the markets believing the FED will have no choice but to delay tapering and esecially and therefore also any Rate hikes.
With Interest Rate Decisions this week out of Australia, Canada and Europe, all eyes will be on the Dollar Index for further declines which would confirm the Inflationary pivot in the Forex markets last week.
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.