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Today is the last trading day of the month and FXCM US Dollar index is close to closing a doji for the month. A doji is such a price action candle where monthly open and close are very much the same. The doji candle shows lack of conviction among bulls and bears, which has been plenty in Dollar since May this year.
Looking back at the month -
- Initially the month was pre dominated by Dollar weakness as US Federal Reserve chose to hold policy steady in September, instead of hiking, which followed much weaker than expected NFP report, in which headline gains came at 143,000.
- However, Dollar found support later in better than expected inflation figures, especially the core components, which grew by 1.9% on yearly basis.
- From there, it has been reaction to data and consolidation.
- Finally this week, Dollar gained back lost ground as FOMC kept December hike on the table and made exclusive reference to the meeting.
A doji by closing tonight will show further uncertainty regarding Dollar's outlook.
