Market sentiment analysis:
- Overall trading sentiment is neutral.
- However, confidence in the US Dollar is waning.
- By contrast, the British Pound is shrugging off the continuing Brexit impasse.
US Dollar Shunned
Trader sentiment has turned against the US Dollar on a combination of factors including the US-China trade dispute, a dovish outlook for US monetary policy and poor corporate earnings.
US Dollar Index Price Chart, Hourly Timeframe (January 24-29, 2019)
Chart by IG (You can click on it for a larger image)
However, market sentiment overall is neutral and there has been some demand for the British Pound on yet another important day for Brexit in the Westminster Parliament.
In this webinar, I looked at the charts of the major markets, the sentiment indicators on the calendar this week and how prices might move in the days ahead.
Resources to help you trade the forex markets:
Whether you are a new or an experienced trader, at DailyFX we have many resources to help you:
- Analytical and educational webinars hosted several times per day,
- Trading guides to help you improve your trading performance,
- A guide specifically for those who are new to forex,
- And you can learn how to trade like an expert by reading our guide to the Traits of Successful Traders.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex
