{"id":631,"date":"2024-08-14T18:03:05","date_gmt":"2024-08-14T18:03:05","guid":{"rendered":"https:\/\/investingsstrategist.com\/index.php\/2024\/08\/14\/the-dollar-index-under-strong-bearish-pressure-this-week-2\/"},"modified":"2024-08-14T18:03:05","modified_gmt":"2024-08-14T18:03:05","slug":"the-dollar-index-under-strong-bearish-pressure-this-week-2","status":"publish","type":"post","link":"https:\/\/investingsstrategist.com\/index.php\/2024\/08\/14\/the-dollar-index-under-strong-bearish-pressure-this-week-2\/","title":{"rendered":"The dollar index under strong bearish pressure this week"},"content":{"rendered":"<div>\n<div><\/div>\n<h1><strong>The dollar index is under strong bearish pressure this week<\/strong><\/h1>\n<p>On Tuesday, the dollar index initiated a deep pullback to a new low<\/p>\n<h2>Dollar index chart analysis<\/h2>\n<p><span>On Tuesday, the dollar index initiated a deep pullback to a new low. At the 103.20 level, the index encountered resistance and began a retreat that lasted until last night to the 102.55 <a href=\"https:\/\/www.financebrokerage.com\/gold-and-silver-gold-remains-high-in-the-all-time-high-zone\/\">support<\/a> level. This was followed by consolidation during this morning\u2019s Asian session around 102.60. In the EU session, we got new bearish signs, and the dollar index started a new retreat.<\/span><\/p>\n<p><span>The release of American inflation data at the start of today\u2019s US session was a pivotal moment. With annual inflation dropping from 3.0% to 2.9%, the dollar felt the blow, as reflected on the chart. The index plummeted to a new low of 102.36, with potential lower targets at 102.20 and 102.00 levels.<\/span><\/p>\n<\/p>\n<p>\u00a0<\/p>\n<h2>Does the dollar have the strength to stop this pullback, or are we headed for a new low?<\/h2>\n<p><span>For a bullish option to materialize, the dollar index must first stabilize above the 102.60 level. If this occurs, we could anticipate the start of bullish consolidation. A move above 102.70 would provide the index with the momentum to reach 102.80. At this level, index will strive to gain support from the EMA 50 moving average. With this support, the likelihood of a more sustained recovery and a visit to higher levels increases. Potential higher targets are 102.90 and 103.00 levels.<\/span><\/p>\n<p><span>Today\u2019s news in the US session shook the dollar index chart. Data on monthly inflation are in line with forecasts, and core CPi data is also the same as forecast. This was interpreted as a sign that the Fed could loosen its monetary policy and lower the interest rate at the next meeting. Data on Crude Oil Inventories will be released later in the session.<\/span><\/p>\n<p>\u00a0<\/p>\n<p>The post <a href=\"https:\/\/www.financebrokerage.com\/the-dollar-index-under-strong-bearish-pressure-this-week\/\">The dollar index under strong bearish pressure this week<\/a> appeared first on <a href=\"https:\/\/www.financebrokerage.com\/\">FinanceBrokerage<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The dollar index is under strong bearish pressure this week On Tuesday, the dollar index initiated a deep pullback to a new low Dollar index chart analysis On Tuesday, the dollar index initiated a deep pullback to a new low. At the 103.20 level, the index encountered resistance and began a retreat that lasted until [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":630,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/comments?post=631"}],"version-history":[{"count":0,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/posts\/631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media\/630"}],"wp:attachment":[{"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/media?parent=631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/categories?post=631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/investingsstrategist.com\/index.php\/wp-json\/wp\/v2\/tags?post=631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}