Technical Outlook for the US Dollar
The US Dollar is currently moving within a bearish trend on both the weekly and daily timeframes. On the 4-hour chart, price action is consolidating within a sideways range. At the start of the week (Monday), the price is expected to rise towards the WFVG zone to form the weekly high around the 97.50 level, which holds clear liquidity on the higher timeframes. Given the absence of any significant news today, market movements are expected to remain calm.
Key Economic Event
The most important event for the US Dollar this week is the release of the FOMC Meeting Minutes, scheduled for Wednesday. This report is anticipated to have a notable impact on the dollar's performance.
Liquidity Levels
- The 97.50 level is considered a key magnet for price, making bullish signals during the day potentially effective to target this level.
- Once the price reaches 97.50, a bearish reversal is expected to resume the overall downtrend, with a downside target near 96.90.
