Jump to content

US Dollar (DXY) Forecast – Longer-Term Trend Remains in Play


Recommended Posts

US Dollar Price, Chart, and Analysis

  • The latest FOMC minutes confirmed that inflation remains the central bank’s priority.
  • The longer-term ascending channel will steer the USD higher.

US Dollar (DXY) Forecast – Longer-Term Trend Remains in Play

 
The minutes of the January 26 FOMC meeting highlighted the central bank’s concern over the current level of inflation in the US but disappointed the market by giving no new clues, or a timetable, on the path and pace of interest rate hikes and balance sheet reduction. The minutes noted that ‘a significant reduction in the size of the balance sheet would likely be appropriate’ while a couple of members favored ending asset purchases sooner rather than later to ‘send a stronger signal that the Committee was committed to bringing down inflation’. Inflation was seen to be spreading throughout the economy and continued to exceed the central bank’s longer-term projections. While the minutes had a slightly hawkish overtone, financial markets have already priced in a series of interest rate hikes this year. The market pricing of a 50 basis point hike at the next Fed meeting in March continues to swing around with the likelyhood now seen around 50% after having been nearly fully priced in last week.
{{GUIDE|THE-FUNDAMENTALS-OF-RANGE-TRADING}}

The US dollar drifted lower post-FOMC but remains in a dominant ascending channel that has been in force since mid-June last year. The multi-month series of higher lows and higher highs remain in place. Within this ascending channel there is a sideways trading range that has remained in force despite a couple of failed breakouts. A support zone between 95.10 and 95.50 should provide short-term support, allowing the USD to re-test the February 14 high at 96.38.

US DOLLAR (DXY) DAILY PRICE CHART FEBRUARY 17, 2022

US Dollar (DXY) Forecast – Longer-Term Trend Remains in Play

 

What is your view on the US Dollar – bullish or bearish?

 

Feb 17, 2022 |  Nick Cawley, Strategist. DailyFX

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
      21,181
    • Total Posts
      90,705
    • Total Members
      41,296
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    dreamc
    Joined 30/01/23 03:11
  • Posts

    • Elliott Wave Analysis TradingLounge Daily Chart, 30 January 23,   Theta Token / U.S.dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis  Function: Follow trend   Mode: Motive  Structure: Impulse Position: Wave ((1)) Direction Next higher Degrees: wave I of Motive Wave Cancel invalid Level: Theta Token/U.S.dollar(THETAUSD)Trading Strategy: Theta Token has recovered well from the 0.706 level and is on its way up to test MA200 resistance, if broken, signaling a weakening of the downtrend. As a result, the trend may change to an uptrend. And there is a trend towards the price target at the level of 1.711. This is just the start of an uptrend. Price may reverse before increasing again. Theta Token/U.S.dollar(THETAUSD) Technical Indicators: The price is below the MA200, indicating a downtrend. The wave oscillators above Zero-Line Bullish momentum. TradingLounge Analyst: Kittiampon Somboonsod Source : Tradinglounge.com get trial here!   Elliott Wave Analysis TradingLounge 4H Chart, 30 January 23,   Theta Token / U.S.dollar(THETAUSD) THETAUSD Elliott Wave Technical Analysis  Function: Follow trend   Mode: Motive  Structure: Impulse Position: Wave (5) Direction Next higher Degrees: wave ((1)) of Motive Wave Cancel invalid Level: 0.706 Theta Token/U.S.dollar(THETAUSD) Trading Strategy: The Theta Token Rising of wave (5) is the last wave in the Moive wave which is a warning signal before price trend change or reversal. Beware of throwback in wave ((2)). Theta Token/U.S.dollar(THETAUSD) Technical Indicators: The price is above the MA200, indicating an uptrend. The wave oscillators above Zero-Line Bullish momentum.
    • Maximize Your Stock Market Returns: Latest News on SP500, Top Tech Stocks with Elliott Wave Analysis and Trading Strategies Stay Ahead of the Stock Market with the Latest News and Analysis on SP500, Top Tech Stocks, US ETF Sectors and Trading Strategies. Get up-to-date insights on the bullish weekly cycle, Elliott wave analysis and profitable trading opportunities in the finance sector with top companies like Apple, Tesla, Amazon, Microsoft, JPMorgan and more. Stock Market Content: SP500, AAPL, AMZN, NVDA, TSLA, GOOGL, BRK.B, SQ, META, NFLX, ENPH, MSFT, BAC, JPM. US ETF Sectors. Elliott Wave Analysis US Stocks News: Apple (AAPL),Tesla (TSLA), Amazon (AMZN), Nvidia (NVDA), Microsoft MSFT, Berkshire Hathaway (BRK/B), Block, Inc (SQ), Meta Platforms, Netflix (NFLX), Enphase (ENPH), Alphabet GOOGL. XFL Finance Sector ETF, JPMorgan JPM & Bank of America BAC, Goldman Sachs Group Inc (GS) Stock Market Summary TradingLounge Bullish Weekly Cycle in play, Bullish Monday Profit Taking Tuesday Elliott Wave Analysis: (iii) of iii) of 3 Trading Strategies: Long Video Chapters 00:00 SP500 04:45 Apple (AAPL) 08:01 Amazon (AMZN) 11:00 NVIDIA (NVDA) 11:34 Meta Platforms (META) 17:47 Netflix (NFLX)  18:59 Enphase (ENPH) 22:04 Tesla (TSLA) 24:06 Alphabet (GOOGL)  29:16 Microsoft (MSFT) 34:52 Berkshire Hathaway (BRK.B) 35:56 Block Inc. (SQ)  37:28 Bank of America BAC 25:22 TRIAL Buy 1 Month Get 3 Months  Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817 Source: tradinglounge com  
    • Does anybody know the BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) equivalent with a GBP currency hedge? I want the interest yield but I don't want the currency risk.
×
×
  • Create New...