The US dollar’s rally is showing signs of fatigue ahead of the Oct. 31-Nov.1 FOMC meeting. What is the outlook and what are the key levels to watch in EUR/USD, GBP/USD, AUD/USD, and USD/JPY?
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-24 02:00:00IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 86.85%, while traders in USD/JPY are...Supercharge your trading prowess with an in-depth analysis of USD's outlook, offering insights from both fundamental and technical viewpoints. Claim your free Q4 trading guide now!meeting.
Meanwhile, technical charts suggest that the greenback could be in the process of setting a short-term peak – a risk highlighted earlier this month. See “ Market diversity, as measured by fractal dimensions, appears to be low as the DXY Index hit a multi-month high earlier this month. Fractal dimensions measure the distribution of diversity. When the measure hits the lower bound, typically 1.25-1.30 depending on the market, it indicates extremely low diversity as market participants bet in the same direction, raising the odds of at least a pause or even a price reversal.
If you're puzzled by trading losses, why not take a step in the right direction? Download our guide, "Traits of Successful Traders," and gain valuable insights to steer clear of common pitfalls that can lead to costly errors./USD’s slide has paused as it approaches significant support at the March low of 1.1800. Given oversold conditions, and light positioning, a minor rebound wouldn’t be surprising. Any break above the initial resistance at the October 11 high of 1.
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