Dollar Ends November With Another Downswing

Dollar starts the last Friday of the month with a negative sentiment. It is not a surprise of course as the whole month was negative from the very beginning till the end.

We will start today’s trading sniper with the Dollar Index as it will help us show you the general sentiment for the Greenback. DXY is in a negative territory after breaking absolutely crucial horizontal support on 92. With this breakout, the way towards new long-term lows are widely opened. This does not come as a surprise as we were expecting this scenario before the US Elections.

Now, let’s move to the major currency pair with the USD, EURUSD. Here the price successfully broke the major mid-term resistance and the psychological barrier on 1.19. We not only broke it but also defended it as a support, which adds additional confirmation. Buyers are winning and the sentiment is definitely positive.

We will finish with AUDUSD, which is also doing very well. In the short-term, the price escaped from the flag pattern and broke the major resistance on 0.737. In the longer-term, we escaped from the symmetric triangle pattern and we are inside of the channel up formation. The price is currently testing it’s upper line, which may be a good occasion for a correction but the bullish momentum is quite strong, which means the pair might just keep going higher and higher.

For a look at all of today’s economic events, check out our economic calendar.