Despite a tumultuous week with positive risk bearings are unflattering for the US dollar, the Dow Jones FXCM Dollar Index (ticker = USDollar) managed to hold its two-month congestion pattern just off a two-and-a-half year high.
There are a number of reasons for why the Euro should have finished the week lower against the US Dollar, but it didn't. Why?
Gold traded modestly higher on the week, but it was scant solace given the outright meltdown we saw just two weeks ago. Our broader bias remains to the downside, and a hold below $1504 would keep us bearish.
The Australian Dollar may produce a major bearish trend reversal as prices hover near key support before the RBA interest rate decision.
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Written by the DailyFX Research Team. To sign up for a weekly e-mail with our currency outlooks, go to our page for forex news delivered to your inbox.
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