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Technical Analysis
Thursday 6th February: Dollar Index Extends Gains and Eyes Daily Resistance at 98.45.

The US dollar index (DXY) continued to flex its financial muscle Wednesday, strengthened on the back of upbeat data across the board. According to Automatic Data Processing (ADP), private-sector employment increased by 291,000 from December to January, on a seasonally adjusted basis.

By IC Markets

Technical Analysis
Wednesday 5th February: US Dollar Index Extends Gains North of 98.00.

The euro sustained a steady depreciation vs. the US dollar Tuesday, extending Monday’s slide from just south of the 1.11 handle on the H4 timeframe. The US dollar index, or DXY, firmed, albeit off its intraday highs of 98.01.

By IC Markets

Technical Analysis
Tuesday 4th February: Technical Outlook and Review.

The broad dollar index (DXY) observed strong bidding Monday, largely on sterling’s demise, in which the index settled just south of 98.00. Also bolstering the USD was an overall solid ISM Manufacturing PMI reading.

By IC Markets

Technical Analysis
Monday 3rd February: Weekly Technical Outlook and Review.

Friday’s mixed Eurozone data, released in early European hours, was largely overlooked. EUR/USD bulls strengthened their grip on the back of a softer buck. The spread of the coronavirus continues to dominate market sentiment. Downgrades to the Fed’s assessment of private consumption and inflation target also contributed to the US dollar index (DXY) selling.

By IC Markets

Technical Analysis
Friday 31st January: Dollar Index Tests Daily Support at 97.86; Eyes Resistance at 98.45.

The Bank of England left UK interest rates on hold. The Bank also cut its growth forecasts and downgraded its expectations for productivity growth, in a sign that the UK economy has suffered from Brexit uncertainty.

By IC Markets

Technical Analysis
Thursday 30th January: Pound Hesitant Ahead of BoE Rate Decision.

Cable marginally firmed in US trade following the Federal Reserve keeping its benchmark interest rate steady, lifting price north of the key figure 1.30 on the H4, Quasimodo support at 1.2988, as well as a 78.6% Fibonacci retracement at 1.2884.

By IC Markets

Technical Analysis
Wednesday 29th January: Dollar Trades South of 98.00 Ahead of FOMC.

Scoring highs of 98.16, the US dollar index continued to explore higher ground Tuesday, while on the data front we had mixed US durable goods before better-than-expected US consumer confidence.

By IC Markets

Technical Analysis
Tuesday 28th January: Coronavirus Weighs on Risk Sentiment; Increased Demand for Safe-Haven Assets.

Overall risk aversion, coupled with consequences of the Coronavirus, guided AUD/USD lower Monday, erasing more than 60 points and closing towards the bottom of its 0.6818/0.6752 range.

By IC Markets

Technical Analysis
Monday 27th January: Weekly Technical Outlook and Review.

Europe’s single currency glided to a fourth consecutive weekly loss vs. the buck in recent trade, as sellers strengthened their grip south of long-standing channel resistance, drawn from the high 1.1569.

By IC Markets