US Dollar at a turning point? [Video]
|In this market update, I highlight the shifting dynamics around the US Dollar Index, which has seen a significant change in sentiment. Just a month ago, the dollar faced negative headlines, driven by fears of BRICS nations shifting global currency reserves and potential economic downturns. However, recent news, including Donald Trump’s pro-dollar stance, has fueled renewed confidence, pushing the dollar toward the top of its weekly range.
As the dollar strengthens, opportunities are emerging across multiple currency pairs and commodities. For instance, the Euro (EUR/USD) and the Aussie Dollar (AUD/USD) are at key weekly support levels, signaling potential for reversals if dollar momentum slows. Gold also shows resilience at daily support, with possible gains if profit-taking on the dollar unfolds. Lastly, the USD/CAD is testing weekly resistance, creating an opening for traders watching the dollar’s next move.
With the US CPI report expected, I advise traders to monitor this data closely, as weaker inflation could prompt further profit-taking on the dollar. To keep up with these pivotal levels and market insights, join our live trading feeds or engage with senior market analysts like Duncan Cooper in real-time webinars.
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