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💲USDIDX approaches key support📉

15:14 24 November 2022

Dollar continues downward slide on Thanksgiving Day

US traders are off in observance of the Thanksgiving Day holiday, but that does not stop the forex market.  Greenback continues to weaken almost against all major currencies as latest FOMC minutes suggested the Fed will soon start slowing the pace of rate increases. In the afternoon JPY and GBP are the best performing major currencies while USD and CHF lag the most. Pronounced selling can also be spotted against Antipodean currencies.

USD continues to depreciate on Thursday in the absence of US traders. Source: xStation5

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USDIDX - the dollar index plunged below 106 on Thursday, sliding for the third straight session toward its lowest levels since mid-August. Index is approaching key support at 105.30 which is marked with previous price reactions, 200 SMA (red line) and 23.6% Fibonacci retracement of the upward wave launched in May 2021. Should break lower occur, local support at 103.40 may be at risk. On the other hand, if bulls will manage to halt declines, then another upward impulse towards resistance at 109.00 may be launched  Source: xStation 

NZDUSD extends recent gains after RBNZ on Wednesday surprised some analysts and raised rates by 75 bp and projected rates to peak at 5.5% in September 2023, much higher than a previous forecast of 4.1%. Upward momentum gained steam after publication of dovish FOMC minutes. Pair broke above  key resistance at 0.6240, which is marked with 61.8% Fibonacci retracement of the upward wave launched in March 2020 and is currently approaching local downward trendline. Should break higher occur, bullish move may accelerate towards resistance at 0.6530, which is marked with previous price reactions. On the other hand, if sellers manage to regain control, retest of local lows at 0.6065 cannot be ruled out. Source: xStation5

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