Dollar continues downward slide on Thanksgiving Day
US traders are off in observance of the Thanksgiving Day holiday, but that does not stop the forex market. Greenback continues to weaken almost against all major currencies as latest FOMC minutes suggested the Fed will soon start slowing the pace of rate increases. In the afternoon JPY and GBP are the best performing major currencies while USD and CHF lag the most. Pronounced selling can also be spotted against Antipodean currencies.
USD continues to depreciate on Thursday in the absence of US traders. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile app
USDIDX - the dollar index plunged below 106 on Thursday, sliding for the third straight session toward its lowest levels since mid-August. Index is approaching key support at 105.30 which is marked with previous price reactions, 200 SMA (red line) and 23.6% Fibonacci retracement of the upward wave launched in May 2021. Should break lower occur, local support at 103.40 may be at risk. On the other hand, if bulls will manage to halt declines, then another upward impulse towards resistance at 109.00 may be launched Source: xStation
NZDUSD extends recent gains after RBNZ on Wednesday surprised some analysts and raised rates by 75 bp and projected rates to peak at 5.5% in September 2023, much higher than a previous forecast of 4.1%. Upward momentum gained steam after publication of dovish FOMC minutes. Pair broke above key resistance at 0.6240, which is marked with 61.8% Fibonacci retracement of the upward wave launched in March 2020 and is currently approaching local downward trendline. Should break higher occur, bullish move may accelerate towards resistance at 0.6530, which is marked with previous price reactions. On the other hand, if sellers manage to regain control, retest of local lows at 0.6065 cannot be ruled out. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
