Markets on Friday: The USD is Back on the Slide
Rowan Crosby • 1 min read
Despite yesterday?s bounce the USD was back doing what it does best lately. And that?s trending lower.
As a result, all the majors ended up gaining ground against the USD. The AUD/USD is back testing 80 cents and the EUR/USD looks just about ready to make another leg higher.
I?m personally looking for a break lower in the USD/CHF and will have more on that trade later today.
In the world of Cryptocurrencies, Bitcoin traded as high as 12,000, before it too succumbed to more selling pressure. As it stands we are developing a new trading range between, 10,000 and 12,000. There has been some decent buying that has helped prop up what has been a weak period in the crypto space. However, I?m looking for more downside to come.
USD to Fall Further
The 91.00 level was a great one to be selling as price turned on a dime and headed straight down. I?m a firm believer that there is more to come.
90.50 is providing support at the moment, but I suspect that will give out and we will test 90.00 in the very near future.