Weekly Technical Forecast: Dollar Tests 18 Month Highs While US Indices Break Support for an Interest Week Ahead
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Both daily and weekly GBPUSD charts remain weak and any rally will be met by strong resistance.
The DXY Dollar Index managed to charge to its highest level since June 2017 this past Friday. The insinuation of a breakout fueled by a ‘demand for alternatives’ against a known liquidity drain raises serious trading considerations.
The Q4 slump has continued in global equities, and next week brings the final full trading week of 2018. WIll the Fed bring bulls a lifeline of support?
Despite seemingly good news to support the broad demand picture, crude has only moved sideways after falling 33% from the early October high leading traders to wonder if more pain is on the way.
The Euro finally broke the triangle it’s been forming over the past month; lower prices ahead as it makes maybe its final meaningful move of the year.
The Japanese Yen has struggled despite what should be a favorable environment – falling yields and stocks – but there’s one JPY-cross in particular where the Yen is doing just fine. Unfortunately, it's the least reliable pair possible: GBP/JPY.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.