Omega Management logo

Dollar continues its good form on the week

The dollar is nudging higher once again as we are seeing some decent moves across the board now. GBP/USD has dropped back just below 1.2000 and that could threaten a steeper drop if the figure level breaks on the daily chart:

The continued shove lower comes after the rejection at the trendline resistance (white line) following the jump after the US CPI data last week. Since then, it has been one-way traffic as the dollar has more than put behind the slightly softer inflation figures then.

Elsewhere, EUR/USD is down 0.3% to 1.0150 while USD/JPY is threatening a firmer advance above the 135.00 mark to 135.39 currently. Meanwhile, AUD/USD is down another 0.5% to test 0.6900:

The drop is seeing price contest a drop below the 50.0 Fib retracement level at 0.6909 and that will bring in the 5 August low at 0.6869 before potentially seeing a drop back to the lows for the year below 0.6800.

It’s all on the dollar right now as the greenback…

Read more…

Share on facebook
Share on twitter