TECHNICAL ANALYSIS

Dollar hits new lows as stocks continue to climb on trade hopes


Major currencies earn more against the USD

Major currencies are gaining ground against the US dollar. The dollar index has slipped to its lowest level since September 21 (see chart below) and descends below a trendline below 93.10. The low price has just reached 93.077.

Major currencies earn more against the USD

By looking at the changes of major currencies against the US dollar.

  • The NZDUSD is now up 89 pips and trading at the highest level since September 22.
  • AUDUSD is up 72 pips to hit new weekly highs in the process.
  • The CAD, which benefited from a stronger jobs report today in Canada, helped push the USDCAD down -75 pips. The pair is testing mid-September swing lows between 1.3118 and 1.3126. The low just plunged to 1.3115 just below these levels.
The dollar is selling at all levels.

Sale in USD

Meanwhile, precious metals are advancing strongly.

  • Spot gold is trading up $ 27.15 or 1.43% at $ 1,921
  • Cash is trading up $ 0.88 or 3.7% to $ 24.71

US stocks are also trading near new session highs:

  • S&P Index up 35 points or 1.01% to 3,482
  • NASDAQ index up 141.5 points or 1.24% to 11,562.23
  • Dow industrial average up 233 points or 0.82% to 28,659.30

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