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Forex News: Dollar Rally Continues

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The greenback continues to rally versus the major currencies, moving past previous support levels and triggering new entry signals for technical traders. Today's news events may also turn out to be dollar positive.

US Trade Balance - 13:30 GMT

Expectations: -45.0B. Previous: -46.3B

A weaker dollar may have helped boost US exports thereby shrinking the trade balance numbers. Anything greater than -45B could be dollar positive.

US Weekly Unemployment Claims - 13:30 GMT

Expectations: 451K. Previous: 457K.

Last week's surprisingly better than expected non-farm payrolls report may have signaled a turnaround in US employment data. Strong employment numbers should boost dollar buying.

Crude Oil Inventories - 15:30 GMT

Expectations: 1.1M. Previous: 2.0M.

Crude oil prices are at a 2-year high and look to move higher. Traders could target the big round number of $100 a barrel.

The EUR/USD has the 5-day and the 20-day simple moving averages crossing, with the faster moving average moving below the slow moving average, signaling to traders to enter short. While the signal has been choppy the last month, the signal can provide traders with a long term trade with a new trend.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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