Could the US Dollar be on a losing streak?
Good day!
The price of currency pair USD/RUB is staying below the 63 level. Considering the dollar’s long losing streak, the price of USD/RUB is fluctuating. This drop could even get to the 60.50 level and then correct itself. The asset’s price might also form a bearish flag and break its side with a long black candle:
In the daily chart, the price of euro got slightly corrected, forming a bullish flag. The asset’s price is also testing the broken 1.1347 local level. All in all, the single currency seems more likely to jump rather than drop:
Based on the latest reports by COT CFTC, large operators keep shortening sales and increasing the purchases. We assume that this trend should continue upon Federal Reserve Saturday’s decision. Euro decided to head North.
Please note that this material is provided for informational purposes only and should not be considered as investment advice. Trading in the financial markets is very risky.
Disclaimer: The material provided is for information purposes only and should not be considered as investment advice. The views, information, or opinions expressed in the text belong solely to the author, and not to the author’s employer, organization, committee or other group or individual or company.
Past performance is not indicative of future results.
High Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% and 75% of retail investor accounts lose money when trading CFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Futures and Options: Trading futures and options on margin carries a high degree of risk and may result in losses exceeding your initial investment. These products are not suitable for all investors. Ensure you fully understand the risks and take appropriate care to manage your risk.