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The dollar index returned to the positive side on Friday

by August 9, 2024
written by August 9, 2024

The dollar index returned to the positive side on Friday

On Thursday, the dollar index rose to 103.54, a new weekly high. 

Dollar index chart analysis

On Thursday, the dollar index rose to 103.54, a new weekly high. The index’s value just touched the EMA 200 moving average, after which a pullback was initiated. During this morning’s Asian trading session, the index retreated to support at the 103.10 level. The EMA 50 moving average provides additional support in that zone.

We are now at 103.20 and need stronger momentum to initiate a bullish consolidation. Potential higher targets are the 103.40 and 103.60 levels. We hope for EMA 200 support at 103.50 for further growth to the bullish side. We are now far from last week’s high at the 104.80 level.

 

The index could return to last week’s levels if it crosses the EMA 200 moving average.

For a bearish option, we need a negative consolidation of the dollar index below the 103.00 level. With that, we go to a new daily low and threaten the previous low at 102.90. If the pressure on the dollar continues, it will continue on the bearish side. With the breakout of the bullish formation and the growth of bearish swings, the pullback could be prolonged. Potential lower targets are the 102.60 and 102.40 levels.

This morning’s data on German inflation were in line with forecasts, and there was no impact on the market. In the Asian session, Kona released its inflation data which was higher than forecast. Monthly inflation increased from -0.2% to +0.5%. This caused the dollar to slide for a short time, but it did not have a long-term impact. We have no important economic news in today’s US session. Next week, despite less news, could be interesting for the movement of the dollar index.

 

The post The dollar index returned to the positive side on Friday appeared first on FinanceBrokerage.

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