Important Junction For The Dollar
As another week opens in on of the longest Bull markets in history – the Dollar is facing a crucial junction and as looks right now – the bulls rule!
After a weaker than expected report on Friday as the NFP came out at 157K vs 248K, the dollar responded with ignoring of the results and pushes forward towards a resistance level that if breached will push it towards places it has visited since
2016 – Stay tuned…
This is how the Dollar Index looks right now:
First one is the EUR/USD:
As of now looks very bearish after closing last week in a drop of 170 pips and looks now as if facing an additional drop of 250-300 pips if indeed the support level as appears on the chart below will be breached.
Another one is no other than the GBP/USD:
After a 150 pips drop last week, the GBP facing a crucial week ahead and price action are very important to follow.
Gold – the yellow commodity broke a very important support trend line and the longer term trend shifted towards the beares side and investors looking for an uprise on Gold should be cautious and consider hedging their longer-term positions:
Stay tuned – more to come…