DXY DXY: 100.25 holds again; multiple attempts to break above this has failed. The struggle is not so obvious on the daily candle. So this is the thing- if 100.25 does not break, then we are back to the small range the index has been trading in these past few months. Support at 99.64; above 100.25, first target is 100.57; buy on dips
DXY DXY: A big day- fuelled by softer inflation prints (as expected though) from eurozone & UK), the announcement that Oct labor data won’t be released & FOMC minutes not giving any joy to rate cut hopes; now the key level is 100.25; this is a pivot that’s been key since the pandemic; so it’s quite pivotal; a break opens up 100.57 & possibly much more higher targets; so watch this; if it holds, then support at 99.64
DXY DXY: back above the trend line and testing the resistance at 99.64 even as cracks in the labour market increased the pricing in of a rate cut in Dec. above 99.64, target is the wall at 100.25; below 99.64, supports are at 99.20 & 99.00; yields traded flat. Yen underperformed the most amongst the majors. Buy on dips.
DXY DXY: continues to struggle to get past the trend line. US yields climbed, but so did yields of other major economies; is there a safe haven trade possible for the USD? I personally believe that it would take an absolute disaster level incident for any safe haven asset to be activated. Anyways, structure for the DXY is a low conviction buy on dips; resistance at the trend line & then at 99.64; supports are at 99.20 & 99.00
DXY DXY: Noise Aside, the index found support at the pivot at 99.20; not before testing the key 99.00; dollars struggles are far from over; the reopening of the govt brings its own challenges and the repo markets are still a concern. Buy on dips- not high conviction yet; resistance at 99.64 & supports are at 99.00 & 99.20
DXY DXY: made another attempt to get past 99.64 and again failed; we will not get the US CPI nos this week; only Euro has held off well against the USD with Yen being the weakest amongst the index constituents; no US data today; Fed’s Daly speaks today; Bostic was hawkish yesterday, but didn’t matter as he is retiring & won’t vote next meeting; buy on dips; resistance at 98.64 & support at 99.20
DXY DXY: The USD fell below 99.64 to a low of 99.30, but managed to recoup some of its losses. So buy the dips is intact for now though it’s not high conviction; resistance at 99.64 & support at 99.20; focus on Fedspeak today. The govt shutdown euphoria has bypassed the USD as concerns on the job market from the recent ADP data puts pressure. Buy on dips
DXY DXY: again found support at the 50 WMA and now trades above the support at 99.64; this was mostly helped along by yen weakness; next resistance is 100.25 which has been impregnable so far and like I suggested earlier- is very key; supports at 99.64 & 99.20;
DXY DXY; weekly; a week where the USD tried to break past 100.25 and failed. When you zoom out and look at a 5y timeframe, you will realise how key 100.25 has been. A KEY pivot right from 2020; so, resistance now at 99.64 & 100.25; supports at 99.20 & 99.00; few fed speakers & US CPI this week; buy on dips
DXY DXY: If you want to know why the USD reversed from the levels in this chart, you just have to go back to my chart from this Monday- weekly resistance; 100.25 hold firm; a break of this will open up 100.57; IF it breaks; supports at 99.64 & 99.20; Michigan consumer sentiment nos today will be keenly watched.
DXY DXY: 100.25 holds again; multiple attempts to break above this has failed. The struggle is not so obvious on the daily candle. So this is the thing- if 100.25 does not break, then we are back to the small range the index has been trading in these past few months. Support at 99.64; above 100.25, first target is 100.57; buy on dips