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DXY Hammer Formation Weekly View

DXY Hammer Formation Weekly View

⭐️Key Takeaways⭐️

✔️ Currently holding above the 93 handle respecting the hammer weekly candle
✔️ China / US trade war tensions easing off
✔️ S&P 500 , Nasdaq Close at Record Highs Again as Traders Cling to Tech

⭐️Market Sentiment⭐️

Sentiment towards the U.S. dollar has improved due to positive economic data on economic activity, but concerns linger regarding how much monetary easing may be needed to maintain economic growth. The dollar stabilized against most major currencies Monday, as traders prepare for the Federal Reserve chair's speech from Jackson Hole, Wyoming, which will provide a glimpse to the U.S.'s future monetary policy .

⭐️Technical Analysis⭐️

Currently well supported above the 93 handle. Weekly view of Dollar Index indicates some bearish stalling action with last week's hammer formation. RSI also suggest some bearish exhaustion as the index fails to break below 30.

Michael Harding

Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.

from Trading Ideas
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