Forex analytics and overview

U.S. Dollar Tries to Stabilize Amid a Risk-Off Environment

12/16/2022

Less than a minute

2022.12.16 11:01

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Gregor Horvat

The turned around yesterday and fell sharply as stocks turned into a risk-off mode, probably due to recession risk, which was warned by some BoE members yesterday after they by 50bp.

However, was much more hawkish, so did not fall that much, but still, it’s looking like a top now after five waves up with a spike to 1.0720/40 area.

Below we have USD Index, which is trying to stabilize after the wave three sell-off and divergence on the MACD. A broken red trendline and red weekly close on US stocks could cause some recovery in USD, possibly back to 107.

DXY 4-hour chart.

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U.S. Dollar Tries to Stabilize Amid a Risk-Off Environment

12/16/2022

Less than a minute

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