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Dollar weak against...everything

EURUSD News by Allie Longford on 14:26 December 01, 2014 EST

The dollar performed very poorly at the beginning of the trading week. Monday started with commodities like oil and gold gapping down and reaching new lows but those gaps had to be filled and it took just a few hours to reverse and, in this occasion, quite agressively. Gold has even broken some medium term resistance and oil could continue its ascent all this week as it printed an unprecedented extreme reading on its weekly RSI.

On currencies, EURUSD gained less than a cent, and the british pound was able to gain almost two cents against the buck. Even the Japanese yen, these days the traditionally weakest man of the pack was able to gain some ground against its US counterpart.

The dollar index is in a medium term bull market just now so this broad weakness should be treated as a correction for the time being. EURUSD remains just above our line in the sand with a bullish bias whereas we are bearish to neutral about GBPUSD as long as it remains below 1.60. USDJPY is in a clear uptrend but overbought in the short term.