Strong USDOLLAR Bid Room for More

Source: Meta4trading platform                                                                        Daily chart

Fundamental forecast: Neutral

Market Sentiment:                                                                                      Actionable Points

Long term – Bullish                                                                                         Resistance: 97.78
Mid-term – Neutral                                                                                         Support: 96.60
Short term - Bullish

This past trading week saw the Greenback posted its best week in five months. The rally was derived less from the currency’s own fundamental improvement rather than slump amongst its major counterparts. The dovish shift and expectations from the ECB, PBoC, RBA, BOJ has thus favored the Dollar where market participants sort better alternatives. In the coming week, the FOMC decision would be market focus and other array of fundamental indicators expected from the US.  

Technical profile:

·         The daily chart above shows a upward break in an intermediate resistance 96.60 

·         Price action trading above confluence of flat moving averages

·         MACD histogram shows a strengthening upward trend

Trading Advice:

With short term bias up, Day traders and swing traders may take advantage of the current upward trend with short term timeframe perspective eyeing resistance level 97.78 on the other hand a close back below 96.60 would likely see shift in bias for the Greenback.

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