The post A weak close through November will seal a long-term reversal signal on the charts – Scotiabank appeared on BitcoinEthereumNews.com.

USD steadies after sharp CPI-driven losses. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook. More losses seem likely in the near-to-medium term The sharp slide in the USD overall on Tuesday adds to the growing body of evidence from price action that the H2 USD rally is reversing. A good chunk of that gain has already been taken back but more losses seem likely to me in the near-to-medium term.  Fundamentals are less favourable for the USD and short, medium and longer-term price signals are leaning USD-bearish now. A weak close for the DXY through November will seal a long-term (monthly) reversal signal on the charts.  Markets have been in ‘buy USD dip’ mode since mid-year; that will transition to ‘sell USD rallies’ from here. Source: https://www.fxstreet.com/news/dxy-a-weak-close-through-november-will-seal-a-long-term-reversal-signal-on-the-charts-scotiabank-202311151403

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Filed under: News - @ November 15, 2023 8:10 pm