The US Dollar is firming up here and putting a damper on precious metals like gold.
So what’s next for the greenback? Higher.
The DXY is making its way above an important resistance area, and we expect it to trade higher from here.
Here’s a summary:
The US Dollar is above its 2 year downtrend channel. Our current money flow upside target is 99.28. Note that a close below 96 would likely test 95 support.
You can see our full analysis and commentary for the daily and weekly US Dollar charts below.
Elsewhere in the currency markets:
On the opposite side of the spectrum, we have the EURO laboring beneath resistance and on the verge of breaking support.
We expect the Japanese Yen and Canadian Dollar to trade higher as they recently broke above resistance. Both the Norwegian and Swedish Krone look like they have more upside from here.
US Dollar Weekly Chart
US Dollar Daily Chart
Author has positions in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
