• Contact Us
  • Homepages
Most Forex
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
  • For Beginners
  • Strategies
  • Technical Analysis
  • Product Reviews
  • News
  • Videos
No Result
View All Result
Most Forex
No Result
View All Result
Home Technical Analysis

Despite the Fireworks, USD in Range

Forex Tips by Forex Tips
July 4, 2020
in Technical Analysis
0
US Dollar Primed to Rise? USD/SGD, USD/IDR, USD/PHP, USD/PHP
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter


US Dollar Price Analysis

  • The US Dollar has moved through the end of Q2 and into Q3 in a range-bound state.
  • The economic horizon remains very opaque as the coronavirus risk factor does not yet appear to be in the rearview.
  • Continued economic pressure is likely to be met with even more passiveness from the Federal Reserve, which could bring further impact to USD-weakness.

US Dollar Settles in Range to Open the Second Half of 2020

After a very busy first half of the year the US Dollar has worked into yet another range-bound formation as the door opens into Q3. To be sure, this isn’t the first range that’s showed in the US Dollar of recent, and the currency actually spent the bulk of Q2 in a very similar state.

Sellers took a shot in late-May and that produced a bearish trend that ran through the first ten days of June. Support finally set in at a confluent area on the chart, taken from the 95.86-96.05 area; and that helped to cauterize the sell-off, and since then USD has been in the midst of what has so far been a rather consistent range.

US Dollar Four-Hour Price Chart

US Dollar four-hour price chart

Chart prepared by James Stanley; USD on Tradingview

As the door opens into the second half of the year, a number of risk events remain on the horizon and it’s difficult to imagine how that series of risk events may be navigated without continued dovish actions (or pledges for such) from the Federal Reserve. The coronavirus is still not a ‘game over’ theme and a pensive Presidential Election waits in the cards for November. And while equity markets have shrugged off much of that Q1 fear.

The big question, of course, is one of economic growth and how soon that may return after the coronavirus-related slowdowns. While many were hoping for a V-shaped recovery, given recent events towards the end of Q2 that prospect is becoming more difficult to expect. And as new case numbers increase, there is a very real fear of another swell of the virus inducing even more shutdowns and closures.

For the US Dollar – this can potentially entail more weakness, and in the technical portion of this quarter’s forecast, I focused in on that backdrop, and the full report is available by clicking on the box below.

USD Forecast

USD Forecast

Recommended by James Stanley

Download The DailyFX Q3 USD Forecast

— Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX





Source link

Share76Tweet47

Related Posts

S&P 500, Dow Jones & Nasdaq 100 Charts – Continuing to Channel Higher

S&P 500, Dow Jones & Nasdaq 100 Charts – Continuing to Channel Higher

by Forex Tips
January 20, 2021
0

U.S. Indices Technical Highlights:S&P 500 continues to work its way higher within a channelDow Jones treading water in record...

AUD/JPY, EUR/JPY Poised to Gain Ground

by Forex Tips
January 20, 2021
0

Japanese Yen, AUD/JPY, EUR/JPY, JPY Technical Analysis, IGCS – Talking Points:Inverse Head and Shoulders bottom hints at further gains...

Loonie’s Wings Clipped? Levels for CAD/JPY, USD/CAD

by Forex Tips
January 19, 2021
0

Canadian Dollar Forecast Overview:The Canadian Dollar has struggled to recapture bullish momentum as FX markets continue to rebalance US...

New Zealand Dollar Technical Analysis: AUD/NZD, NZD/JPY, NZD/USD

by Forex Tips
January 19, 2021
0

New Zealand Dollar, AUD/NZD, NZD/JPY, NZD/USD, Technical Analysis – Talking Points:NZD/USD eyeing a push to key support at the...

Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70.

Our data shows traders are now net-long France 40 for the first time since Dec 22, 2020 when France 40 traded near 5,477.70.

by Forex Tips
January 19, 2021
0

Number of traders net-short has decreased by 11.14% from last week. SYMBOL TRADING BIAS NET-LONG% NET-SHORT% CHANGE IN LONGS...

Load More

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos
Forex Pulse Detector

Categories

  • Crypto Strategies
  • Currency
  • For Beginners
  • Forex News
  • Forex Trading Tips & Strategies
  • Investment
  • Technical Analysis
  • Videos

Newsletter

  • Home
  • Contact
  • Privacy Policy
  • Store

© 2018 Forex Blog

No Result
View All Result
  • Contact Us
  • Homepages

© 2018 Forex Blog.