Could USD recover? | Art of Speculation
Well, on a first glance and with the support of the recent news, it seems like Dollar won't see any support from buyers. Although, there are several technical factors that indicate oversold environment and incoming bullish pressure.
On the USDCAD chart, this bullish pressure signs appeared with the form of bullish triangle. In other pairs like USDCHF, there's a cup 'n' handle pattern. Last night (28th Dec) stimulus checks were raised from $600 to $2000 by Trump and, in fact, market reacted with a mini USD sell-off, yet not enough to convince us that prices are dumping deeper. In the short term future, we might see that happening, but for now, there are key factors that are enough to support a bullish USD speculation.
On the USDCAD chart, this bullish pressure signs appeared with the form of bullish triangle. In other pairs like USDCHF, there's a cup 'n' handle pattern. Last night (28th Dec) stimulus checks were raised from $600 to $2000 by Trump and, in fact, market reacted with a mini USD sell-off, yet not enough to convince us that prices are dumping deeper. In the short term future, we might see that happening, but for now, there are key factors that are enough to support a bullish USD speculation.
