Get started

Dollar_index

Dollar IndexPossibilities of a continued upmove emerges from the higher time frame charts. Once the key resistance zones around 97.95 was overcome the we observe that the strong breakout above the key resistance zone around 97.81 has generated some positive momentum in the currency basket. With the bullish trends getting restored we need to see how long can the momentum sustain . Considering the overall chart setup we are of the opinion that the brief pullback shall continue to witness some buying interest. Momentum setup continues be positive suggesting sustained bullishness in the coming days. With DX biding time to get a hold on the overall situation we could be witnessing some sedate movement for the next few days. With the momentum continuing to favor more upside one should be looking at higher levels around 99.81 in the next few days. A bullish dollar scenario does not spell good news for INR despite the markets showing some mixed reactions. Idea Sourced From NeoTrader trade.chartadvise.com
ICEUS:DX1!Long
by Raja_Chart_Advise
DOLLAR (W)The U.S. dollar after a consistent decline since the FOMC Policy is now witnessing some mild bullishness to post a rebound following a long stretch of declines. The Fed meeting minutes released lately shows that officials factored in the tax cuts. While tax cuts were one of the factors that led the central bank to hike interest rates in December. Inflation, however, is expected to remain below the Fed's target for longer. Higher timeframe charts are clearly highlighting that the Dollar Index has been fighting a tough battle in holding off the supports. At the moment the support level is being cautiously held as overall sentiment remains muted on the Dollar. price break and close below 91 develops. We continue to maintain that situation could improve only when the DX starts moving above 93.50 till then it’s a tough call for the basket. The negative DI is seen inching higher while the prices are seen stalling. DX is seen under pressure and is now coiling once again towards a trended scenario once again and this could now translate into some rangebound action for the next few days.
D
by Raja_Chart_Advise
GOLD (W)Gold steadied last week after witnessing a steady decline is seen rebounding as the dollar seems to be tripping on reduced expectations for U.S. interest rate hikes next year. The dollar suffered its biggest drop in five months on Wednesday after minutes from the U.S. Federal Reserve's showed "many participants" were concerned inflation would stay below the bank's 2 percent target for longer than expected. The greenback was still nursing losses on Thursday,supporting dollar-priced gold by making it cheaper for non-U.S. On the charts too we note that the rise seen on the charts into the recent pullback into the lower channel. The previous pullback into the value region around 29440 we can note that the trends have been quite positive in reviving from those levels. Hence we conclude that we should be revisit our bullish bias and look towards initiating a long at current levels in the next few days. The resistance levels are at much higher levels and hence it would be a good spot to initiate a long. The positive momentum readings are in sync with the lower Pitchfork channel supports seen in the prices towards definitely suggesting that trend is poised to head higher. With prices holding the lower end of the channel one should look for a long opportunity at current levels for a rise towards 30000 on MCX Gold Charts for Indian Traders or $1300 for the international players.
FX_IDC:XAUINRLong
by Raja_Chart_Advise
Dollar Index WDollar Index has been witnessing a freefall and the fall beyond critical supports around 94.30 mentioned in the last issue lead the DX lower. Currently, the U.S. currency's performance against the euro and five other currencies, hit its lowest level since May 3, 2016. The sharp weakness not witnessed since the period of January to July 1986 is driven by disappointing economic data, political uncertainty and positive developments abroad have sent the U.S. dollar lower despite two rate hikes by the Federal Reserve. The recent selling seems to be overdone and hence a stronger U.S. dollar rebound from current levels are expected by year-end 2017.
INDEX:DXY
by Raja_Chart_Advise