- CFD trading
- CFD trading
- Markets
- Markets
- Products overview
- Forex
- Commodities
- Metals
- Indices
- Shares
- Cryptocurrencies
- Treasuries
- ETFs
- Accounts
- Accounts
- Compare our accounts
- Our spreads
- Funding & withdrawals
- Open CFD account
- Try free demo
- Platforms
- Platforms
- Platforms overview
- GO Markets trading app
- MetaTrader 4
- MetaTrader 5
- cTrader
- cTrader copy trading
- Mobile trading platforms
- GO WebTrader
- Premium trading tools
- Premium trading tools
- Tools overview
- VPS
- Genesis
- Share trading
- Share trading
- Invest in shares
- Invest in shares
- Trade ASX shares and ETFs
- Share trading platform
- Log into share trading
- Open share trading account
- Help centre
- Downloads
- Downloads
- iOS app
- Education
- Education
- Resources
- Resources
- News & analysis
- Education hub
- Economic calendar
- Earnings announcements
- Help & support
- Help & support
- About
- About
- About GO Markets
- Our awards
- Sponsorships
- Client support
- Client support
- Contact us
- FAQs
- Quick support
- Holiday trading hours
- Maintenance schedule
- Fraud and scam awareness
- Legal documents
Open Account
CFD trading
Trade CFDs on forex, commodities, indices, and more.
Open accountTo open a CFD trading account as a Company, Trust, or SMSF, apply here.
Share trading
Invest in shares and ETFs on the Australian share market.
Open accountOpen a Personal or Company/Trust/SMSF share trading account.
- CFD trading
- CFD trading
- Markets
- Markets
- Products overview
- Forex
- Commodities
- Metals
- Indices
- Shares
- Cryptocurrencies
- Treasuries
- ETFs
- Accounts
- Accounts
- Compare our accounts
- Our spreads
- Funding & withdrawals
- Open CFD account
- Try free demo
- Platforms
- Platforms
- Platforms overview
- GO Markets trading app
- MetaTrader 4
- MetaTrader 5
- cTrader
- cTrader copy trading
- Mobile trading platforms
- GO WebTrader
- Premium trading tools
- Premium trading tools
- Tools overview
- VPS
- Genesis
- Share trading
- Share trading
- Invest in shares
- Invest in shares
- Trade ASX shares and ETFs
- Share trading platform
- Log into share trading
- Open share trading account
- Help centre
- Downloads
- Downloads
- iOS app
- Education
- Education
- Resources
- Resources
- News & analysis
- Education hub
- Economic calendar
- Earnings announcements
- Help & support
- Help & support
- About
- About
- About GO Markets
- Our awards
- Sponsorships
- Client support
- Client support
- Contact us
- FAQs
- Quick support
- Holiday trading hours
- Maintenance schedule
- Fraud and scam awareness
- Legal documents
- Home
- News & analysis
- Forex
- US Dollar Index Testing Key Level
News & analysisUS Dollar Fundamental Analysis
Recent data indicated that the U.S. economy grew strongly in the fourth quarter which has boosted the Dollar against the Euro. This has supported the Federal Reserve’s hawkish stance in spite of reports that US consumer spending has fallen, and inflation has cooled. According to the Commerce Department, the Consumer Price Index (CPI), the Federal Reserve’s preferred inflation measure, increased 0.1% in November after a similar gain the month before.
With traders eagerly awaiting the Federal Reserve’s guidance for interest rate rises, the Dollar firmed on Monday and distanced itself from an eight-month trough. Despite last week’s eight-month low of 101.50, the U.S. dollar index rose 0.03% to 101.92.
US Dollar Index Technical Analysis
The Dollar Index is currently testing a major support area taken from the weekly time frame, around $101.55. It has been consolidating and testing the area for almost 10 days, strongly suggesting that bulls are starting to take back control of the market after a steady decline of roughly -4% in the last 4 weeks.
In alignment with the weekly analysis, on the daily timeframe, a trend line from the lower lows can be drawn, and from the chart below, the price has recently reached the bottom of the trend line. The price has consolidated for a number of days at the weekly support level mentioned earlier.
The Dollar may potentially climb towards the resistance level at $104, if it remains above and respects the bottom of the channel.
Ready to start trading?
The information provided is of general nature only and does not take into account your personal objectives, financial situations or needs. Before acting on any information provided, you should consider whether the information is suitable for you and your personal circumstances and if necessary, seek appropriate professional advice. All opinions, conclusions, forecasts or recommendations are reasonably held at the time of compilation but are subject to change without notice. Past performance is not an indication of future performance. Go Markets Pty Ltd, ABN 85 081 864 039, AFSL 254963 is a CFD issuer, and trading carries significant risks and is not suitable for everyone. You do not own or have any interest in the rights to the underlying assets. You should consider the appropriateness by reviewing our TMD, FSG, PDS and other CFD legal documents to ensure you understand the risks before you invest in CFDs. These documents are available here.
#Forex #ForexAnalysis #ForexBroker #ForexCharts #ForexMarket #ForexNews #ForexSignal #ForexTradingNext Article
Is this Bitcoin rally real?
Bitcoin has rallied extremely hard to start the year as risk on sentiment returned to begin the year with the price of the leading cryptocurrency at its highest level since August of 2022. Risk assets have been the play in early 2023 with hopes for a settling of interest rate hikes by major central banks. As the technology sector and other growt...
January 31, 2023Read More >Previous Article
AUD hits $0.71 for first time since August 2022
The Australian dollar has continued its rise against the USD reaching the highest level in almost 3 months. With risk on assets receiving a boost and ...
January 27, 2023Read More >Please share your location to continue.
Check our help guide for more info.