Due to solid job gains and decreasing unemployment, increase in household spending and expansion of business investment, the US FOMC decided to increase interest rates, on June 14th.
With a rather hawkish statement accompanying this decision, the US Dollar quickly gained strength, bouncing off the 96.45 support level.
Whilst some of this gain was reversed at the end of the week, what has developed, is the formation of a possible reversal, through an inverted head and shoulder pattern.
Therefore, if DXY is able to break above 97.40, that would be a completion of the pattern, indicating further upside to the USD.
Something to keep an eye on.
With a rather hawkish statement accompanying this decision, the US Dollar quickly gained strength, bouncing off the 96.45 support level.
Whilst some of this gain was reversed at the end of the week, what has developed, is the formation of a possible reversal, through an inverted head and shoulder pattern.
Therefore, if DXY is able to break above 97.40, that would be a completion of the pattern, indicating further upside to the USD.
Something to keep an eye on.
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Join my mailing list jindaotai.com/joinme
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.