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Gold and Ethereum Longs With Dollar Stuck in a Limbo

After retesting and rejecting the previous low of 90.700, the US Dollar Index (DXY) is set to head lower. As a result, the majors, as well as commodities like Gold and Ethereum, should gain on the Dollar.

Although the US Dollar is headed lower as expected, price is moving in a sideways fashion. This is ultimately dragging on the inevitable visit to 90.000. Today price was able to muster up enough bullish power to retest 90.700, but bears were able to reject this level. This hints at further Dollar weakness in the coming days.

Forex majors such as EURUSD are already starting to revert to the upside as Dollar bulls die down. In addition, Gold is looking to attempt a range fill to the top of the daily range near 1796. Ethereum continues to push higher with the key 3000 psychological level as being a near-term target.

With the Dollar moving in a sideways fashion, this week was fairly lackluster in terms of trending setups. There was a fair share of fundamental news as well, but often this news can lead to long bouts of consolidation before any major moves. Next week should be far more impressive in terms of volatility.


Moris Akline
About author

Speculative operations in the foreign exchange and stock market. Work with futures and indices on CME. Work on FORTS and RTS. Development of portfolios and investment strategies for clients. Knowledge of technical (price charts of various types, indicators and oscillators, trends, channels, support / resistance levels) and fundamental analysis, take note of news. I work according to my trading strategy in compliance with the rules of capital management and risk management. Development of trust management strategies. Technique of order execution, placing and changing protective stop-losses, hedging.
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