The US Dollar (USD) is being torn in two camps this week. On the one hand, traders appreciate the Greenback as the situation in the Middle-East grows
The Greenback heads lower for a third day in a row. It’s all about the housing market this Wednesday on the macro front. The US Dollar Index is undergoing a squeeze to the downside. less certain. On the other hand, the local macroeconomic numbers are starting to lose their shine and point to the possible start of a recession for the US. Either way, the US Dollar itself is moving in tight ranges and is heading lower on the US Dollar Index for a third day in a row.
For now, as long as a proxy war does not emerge, the Greenback is set to retreat little by little. A bounce above the daily trendline from July 18 might still materialise although that is starting to slip further away. On the topside, 107.19 is important to reach. If this is the case, 109.30 is the next level to watch. On the downside, the recent resistance at 105.88 did not do a good job supporting any downturn. Instead, look for 105.12 to keep the DXY above 105.00.
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