US Dollar Price Outlook Talking Points:
- The US Dollar[1] has put in a strong finish to August and a very strong start to September as the currency continued to breakout to fresh two-year-highs through the US holiday.
- Both EUR/USD[2] and GBP/USD[3] have broken down to fresh two-year-lows, with GBP/USD snapping back to find short-term resistance from a long-term trend-line earlier this morning. Can sellers continue to push with US markets re-opening after a long weekend?
- DailyFX Forecasts are published on a variety of markets such as Gold, the US Dollar or the Euro and are available from the DailyFX Trading Guides page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.[4][5][6][7][8][9]
US Dollar Puts in the Work During Labor Day
September is getting off to a slow start on the calendar but not on the charts, as the US Dollar has broken out to fresh two-year-highs despite yesterday’s holiday in the US. Going along with that move, EUR/USD has finally pushed-below the 1.1000 psychological level for the first time since May of 2017 and sellers have continued to drive below the psychological level. Similar to USD[10], Gold[11] has also held a bid through early-month trade after last week’s pullback found support around the 1517 level. And stocks, so far, have traded tepidly, with S&P[12] futures holding resistance around the same 2945 level that held multiple advances since early-August.
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