Dollar retraces upwards as Gold and Euro fall, Bitcoin stays above $17k

This week, we’re not expecting much data release that can manipulate future predictions on the Fed’s movement to navigate in terms of interest rates. This means that there will be no signals to indicate a change in the perceived increase which will be an increment of 50 basis points on December 14th.

That being said, the Dollar is seeing upward momentum being built after accumulating long positions at the support level of around $104. We are seeing short sellers taking profits and bullish moves in the Dollar which is causing an overall retracement in the market.

For Gold and Euro, reversals to the downside have presented themselves. Analysts are forecasting an overall retracement in the market against Dollar bulls this week.

Bitcoin is consolidating around $17,000 as the Dollar pushes up and we can expect the asset to trade within this range until the Dollar falls again which will push the asset upwards.

In today’s DIFX Analytics, we’re going to look into the following assets:

Bitcoin is hovering at $17,000

Bitcoin RSI on the 4-hour chart is trading within the range. Any break out of this range will result in volatility in the asset either to the upside or down.

Price action has settled at $17,000 for the moment and has declined slightly as the Dollar pushes up. Long positions have more momentum than shorts and analysts expect bullish moves to $18,000.

The dollar sees a bullish retracement after big losses 

The dollar is retracing to the upside after massive losses last week. We see the technicals lining up a push for the support at $106.8.

The RSI resistance has been broken which signals further bullish moves in the Index. PPI Data will be released later on in the week which may have an impact on the Dollar as this is a good inflation indicator.

Gold is falling past support levels

Gold is sliding as it broke beneath the support level at $1782 with the next support sitting at $1760.

RSI is bearish and we can expect further declines in Gold. Investors should keep an eye on the support and resistance levels drawn on the chart to manage positions.

Euro is looking bearish


EUR/USD is seeing declines after topping at $1.0595. The asset broke both EAs on the hourly, signaling a bearish reversal. The 50-day EMA is about to cross the 100-day EMA on the hourly chart, showing more indication of the reversal.

RSI has fallen below 50 and is reading at 40. We expect this support level to be broken to the downside.


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Trading Disclaimer

DIFX shall not be responsible for any loss arising from any investment based on any recommendation, forecast, or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee, or implication by DIFX that the forecast information will eventuate, that clients will profit from the strategies herein, or that losses in connection therewith can or will be limited. Trades by the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses in particular if the conditions or assumptions used for the forecast or mentioned in the analysis do not eventuate as anticipated and the forecast is not realized.

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