This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
Dollar eases within uptrend
The dollar continues to move higher, following the selloff seen earlier in the week. The latest consolidation seen overnight has respected the 1-hour simple moving average closely as support, which makes it a likely source of the next move higher. In the short-term another leg higher seems likely.
However, as long as price remains below 97.32, I feel we could see another move lower given the creation of a low below 93.17 this week. I have not seen the signs of a reversal lower yet and therefore the bullish outlook remains.