26.11.2021: USDX to soar to 99-100; outlook for USD, USD/JPY, AUD/USD
Yesterday, trading floors in the US remained closed and the market activity was quite low. Yet, there is plenty of interesting news we should definitely talk about. Watch our video review and let us know what you think in the comments down below.
On Thursday, the US dollar index traded in a narrow range as we predicted. Today, in the Asian session, it dropped to 96.60. It was a very small correction. So, the index has entered the sideways channel. The medium-term forecast remains the same. The US dollar is projected to rise to at least 97 - 97.5. Apparently, investors want to hedge risks, increasing purchases of the US dollar as a safe-haven asset.
The yen has finally asserted strength against the US dollar. Our recent forecast remains relevant. The price may drop to 114 and then even lower by about 0.5 pip with the possibility of a temporary correction. There are several reasons for it. The yen is rising against the US currency on Friday morning amid risk aversion. Traders are concerned about the possible quarantine restrictions in Europe and other countries. In the meantime, the dollar/yen pair is trading at 114.25, which is in line with our forecast.
Unlike the yen, the Aussie failed to gain momentum and dropped even more against the greenback. The AUD/USD pair is now trading at 0.7125.
Interestingly, the Australian dollar was unable to advance even despite a strong retail sales report. Currently, technical indicators signal a decrease to the target level of 0.7000. The pair also reached our previously indicated level.
That’s all for now. Thanks for watching! Subscribe to our channel and enable notifications so that you will not miss our next video review! See you!
01:37 Australia Retail Sales
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