The Chart: price has entered back into the weekly range into the near term support area. As long as price stays above 0.7080 the trend is still to the upside. Below that level the low end of the range (0.7000) will be in play.
The Narrative: The stimulus plan has been outlined and recent inflation numbers and retail sales have been announced. The short dollar trade is nothing new so there hasn't been much of a reaction to the recent news/data. The FED has been adamant about letting inflation run hot. Unless there is a more risk off tone to the equity market, we have to assume the downtrend in the dollar will continue even if it is sideways in the days and weeks to come.
The Narrative: The stimulus plan has been outlined and recent inflation numbers and retail sales have been announced. The short dollar trade is nothing new so there hasn't been much of a reaction to the recent news/data. The FED has been adamant about letting inflation run hot. Unless there is a more risk off tone to the equity market, we have to assume the downtrend in the dollar will continue even if it is sideways in the days and weeks to come.
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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.
Stay Curious
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.