Whale Large Capital
  • Politics
  • World News
  • Business
  • Investing
  • Politics
  • World News
  • Business
  • Investing

Whale Large Capital

Investing

The dollar index under strong bearish pressure this week

by August 14, 2024
August 14, 2024
The dollar index under strong bearish pressure this week

The dollar index is under strong bearish pressure this week

On Tuesday, the dollar index initiated a deep pullback to a new low

Dollar index chart analysis

On Tuesday, the dollar index initiated a deep pullback to a new low. At the 103.20 level, the index encountered resistance and began a retreat that lasted until last night to the 102.55 support level. This was followed by consolidation during this morning’s Asian session around 102.60. In the EU session, we got new bearish signs, and the dollar index started a new retreat.

The release of American inflation data at the start of today’s US session was a pivotal moment. With annual inflation dropping from 3.0% to 2.9%, the dollar felt the blow, as reflected on the chart. The index plummeted to a new low of 102.36, with potential lower targets at 102.20 and 102.00 levels.

 

Does the dollar have the strength to stop this pullback, or are we headed for a new low?

For a bullish option to materialize, the dollar index must first stabilize above the 102.60 level. If this occurs, we could anticipate the start of bullish consolidation. A move above 102.70 would provide the index with the momentum to reach 102.80. At this level, index will strive to gain support from the EMA 50 moving average. With this support, the likelihood of a more sustained recovery and a visit to higher levels increases. Potential higher targets are 102.90 and 103.00 levels.

Today’s news in the US session shook the dollar index chart. Data on monthly inflation are in line with forecasts, and core CPi data is also the same as forecast. This was interpreted as a sign that the Fed could loosen its monetary policy and lower the interest rate at the next meeting. Data on Crude Oil Inventories will be released later in the session.

 

The post The dollar index under strong bearish pressure this week appeared first on FinanceBrokerage.

0
FacebookTwitterGoogle +Pinterest
previous post
Murdoch family battle highlights Nevada’s secret trust boom
next post
The dollar index under strong bearish pressure this week

You may also like

EURUSD and GBPUSD: GBPUSD under pressure to stay...

September 30, 2024

Stellar rises to weekly high as Bitcoin Cash...

August 8, 2024

Stellar and Bitcoin Cash: Stellar is trying a...

August 29, 2024

Nvidia Stock Soars 16% as AI Spending Takes...

October 21, 2024

Dogecoin and Shiba Inu: New Support and Resistance...

October 10, 2024

Bitcoin Price Dip Below $80K Amid Trade Tariff...

April 9, 2025

SafeMoon and Litecoin: New Support Levels and Targets

October 10, 2024

Gold and silver: Gold fell to a seven-day...

September 2, 2024

EURUSD and GBPUSD: The second part of the...

October 25, 2024

Top Crypto Gainers & Losers: Skibidi +53.8%, GIKO...

October 24, 2024

    Subscribe today to receive exclusive access to all our retirement secrets and income strategies, including special financial news and updates from our experts. From time to time, our newsletters feature valuable insights and analysis on the latest financial trends. Don't miss out on these exclusive updates – join our subscription to stay informed!


    By opting in you agree to receive emails from us. Your information is secure and your privacy is protected.



    Latest

    • White House investigating Biden use of autopen in sprawling probe of ‘incompetent and senile’ former president

      July 15, 2025
    • Huckabee demands Israel ‘aggressively investigate’ murder of Palestinian American killed in ‘terrorist act’

      July 15, 2025
    • Senate GOP agree to strip cuts to HIV, AIDs prevention program from Trump’s clawback bill

      July 15, 2025
    • Democrat accuses Trump administration of diverting ‘critical resources’ from fighting organized retail theft

      July 15, 2025
    • Israel slams UN for ignoring aid already in Gaza while demanding more

      July 15, 2025
    • Trump accuses ‘scam artist’ Schiff of lying about Maryland home to commit mortgage fraud

      July 15, 2025

    Categories

    • Business (717)
    • Investing (661)
    • Politics (4,912)
    • World News (3,213)
    • Terms & Conditions
    • Privacy Policy
    • Contact us
    • About us

    Disclaimer: WhaleLargeCapital.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 WhaleLargeCapital.com | All Rights Reserved