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.