Weekly Forecast For DXY, EURUSD, GBPUSD, EURCAD, and XAUUSD (August 26 – 30, 2024)

From dailypriceaction.com Watch this video at https://www.metalsmine.com/news/1300716-weekly-forecast-for-dxy-eurusd-gbpusd-eurcad-and.

Will the US dollar extend its decline or rebound from the December 2023 low? Watch today’s video for key market insights to guide your trading on the DXY, EURUSD, GBPUSD, EURCAD, and XAUUSD in the week ahead. The DXY continues to struggle to rebound from the December 2023 low at 100.85. We saw a decent bounce on Thursday, but Powell’s comments today are once again weighing on the dollar. However, as long as the DXY stays above the 100.80 area, it remains above key support. That said, symmetry could favor a DXY breakdown toward the 2023 low at 99.60. This move would complete the October 2023 descending channel and could potentially offer the first opportunity to consider dollar longs. Until then, I’m cautiously bearish on the US dollar.