Today marks the fourth consecutive day this week where cryptos such as Ethereum continue to push against the US Dollar. With the Dollar set to go lower, majors such as AUDUSD are also pushing into profit.
Earlier this week, price action analysis on Ethereum suggested that price was ready for the next leg higher. Price action analysis found 2,500 as a suitable target for the week. Today, Ethereum was able to push as high as 2,488. A break of 2,500 could provide the next possible trade idea for this coin.
Many majors have gained on the Dollar or are at least starting to. The Australian Dollar seems to have the most potential upside against the Dollar as price has created a respectable uptrend and had positive employment data this week. The first target for price action traders has already been hit on the path to 0.78400.
Today’s US sales data was considerably better than the forecasts had imagined, but once again, the Dollar had little to no reaction. Instead, the Us Dollar Index is sitting at 0% for the day. With zero high-impact news events tomorrow, the markets should be fairly calm to end off the week.
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- Read yesterday’s breakdown: Ethereum Trade in Profit + Dollar Sells Continue
