FX: USD - Under pressure again, possible continuation to the down side

16.07.2017 / 23:43

Rating:

The USD closed the week close to the bottom of its range, as the biggest decline it had against the Euro AUD and the GBP. The markets are not complete dovish against the USD but this fall signals further declines to come in the short term.

The horizontal breaks of resistance of the GBP and CAD against the USD are fact, as the AUD is also pushing to close with break above the horizontal resistance on a weekly chart around the zone of 0.78500, break here will probably spell further weakness for the greenback. The ECB meeting on Thursday may support the Euro and give it another impulse to the upside.

This week there are no important releases from the USA and there is nothing to give support for the currency. Therefore it will likely continue to fall. We remain cautiously short against the USD.

Trader - S. Fuchedzhiev

Varchev Traders

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FX: USD - Under pressure again, possible continuation to the down side

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