GBPUSD: Fibonacci + Second uptrend (potential rise)
The US Dollar Index (DXY) is treading water around the November peak, a breakout may be on the way, or have to wait first. GBP/USD still has room to go on the downside before finding support. USD/JPY is wedging up, with a little more time ready to make a move. Gold continues to move lower in-line with expectations, more weakness looks to be in store.
Technical Highlights:
USD index (DXY) at risk or pullback around November high
GBP/USD has room to decline until support is met
USD/JPY is coiling up between important thresholds
Gold price expected to continue to weaken
For longer-term trade ideas, forecasts, and a library of educational guides, see the DailyFX Trading Guides page.
USD index (DXY) at risk or pullback around November high
The US Dollar Index (DXY) is currently trading a shade higher than the November high, but appears at risk of a pullback in the near-term with the index’s largest constituent, the euro, trading around a significant support level.
A pullback would be a welcomed event, though, as trend support could help post a higher-low in the index and alleviate any short-term overbought conditions which exist. The current stance isn’t bullish for new longs, but isn’t bearish either. Wait-and-see mode.
Technical Highlights:
USD index (DXY) at risk or pullback around November high
GBP/USD has room to decline until support is met
USD/JPY is coiling up between important thresholds
Gold price expected to continue to weaken
For longer-term trade ideas, forecasts, and a library of educational guides, see the DailyFX Trading Guides page.
USD index (DXY) at risk or pullback around November high
The US Dollar Index (DXY) is currently trading a shade higher than the November high, but appears at risk of a pullback in the near-term with the index’s largest constituent, the euro, trading around a significant support level.
A pullback would be a welcomed event, though, as trend support could help post a higher-low in the index and alleviate any short-term overbought conditions which exist. The current stance isn’t bullish for new longs, but isn’t bearish either. Wait-and-see mode.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.