Check out this week's Forex Forecast - Forex Trading FX Money Markets
The weekly price chart below shows
the U.S. Dollar Index printed a second consecutive small doji candlestick, which typically signifies directional indecision. Notably, it was also an inside candlestick, which is even more indicative of indecision and a possible directional reversal. The low of the week rejected the support level shown at 101.07 for the second consecutive week, which is a negative sign for bears.
We see the Dollar within a long-term bearish trend, with the price continuing to trade well below its levels of both 3 and 6 months ago. I do not like to trade against long-term trends, so I will still look to only be in trades which are short of the greenback this week. However, there are increasing signs that the bearish trend is now going to pause or make a deeper bullish retracement, so traders should be cautious and watch out for this.which made the highest weekly close seen since April this year. The price also reached a new long-term high which is a bullish sign.
Despite the two consecutive doji candlesticks, the technical picture still looks bullish, although weakly so.Last week saw the EUR/USD currency pairwhich made the highest weekly close in ten months. The price also reached a new long-term highIt is also significant, and possibly a bearish sign, that the price was held down by the nearby resistance level at $1.0937.
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