DXYUSD daily guidance is neutral with a bullish bias. Recommended ratio: 52% DXY, 48% Cash.
*FOMC WATCH. DXY, VIX and Agriculture are down while Cryptos, Equity Futures, US Treasuries, CNYUSD, JPYUSD, GBPUSD, EURUSD, Metals, Oil and Energy are up. White House Economic Advisor Bernstein said today that "President Biden has endorsed the Fed's policy pivot", which many readers interpreted as a sign of 75bps and a Fed pivot tomorrow; turns out he was referring to the hawkish pivot already being made this year. Interesting word choice with the FOMC rate hike announcement tomorrow and US Midterms on 11/08/22. The US Pentagon has confirmed that there are US military personnel currently in Ukraine conducting security detail at the embassy and providing logistical support for Ukrainian soldiers, but that none are on the frontlines. However, it's rumored that there's a large presence of clandestine CIA and US special forces that have been operating in Ukraine since the Russian invasion in February. The second GDPNow US Q4 GDP estimate is 2.6%, down from 3.1% on 10/28. Key Upcoming Dates: FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently attempting to push higher after bouncing off the 50MA at ~$111. Parabolic SAR flips bullish at $112.75, this margin is mildly bullish. RSI is currently trending down and testing the uptrend line from August 2020 as support at 49.10 minor support. Stochastic remains bullish and is currently testing 50.61 resistance with no signs of peak formation. MACD remains bearish and is currently forming a soft trough just above -0.38 support for the fourth consecutive session. ADX continues to trend down at 13.57 as Price attempts to push higher, this is mildly bearish.
If Price is able to keep pushing higher then it will likely aim to retest the local-high at ~$114 as resistance. However, if Price breaks down below the 50MA at ~$111 as support, it will likely retest $110 minor support. Mental SL: (two b2b closes below) $111.
*FOMC WATCH. DXY, VIX and Agriculture are down while Cryptos, Equity Futures, US Treasuries, CNYUSD, JPYUSD, GBPUSD, EURUSD, Metals, Oil and Energy are up. White House Economic Advisor Bernstein said today that "President Biden has endorsed the Fed's policy pivot", which many readers interpreted as a sign of 75bps and a Fed pivot tomorrow; turns out he was referring to the hawkish pivot already being made this year. Interesting word choice with the FOMC rate hike announcement tomorrow and US Midterms on 11/08/22. The US Pentagon has confirmed that there are US military personnel currently in Ukraine conducting security detail at the embassy and providing logistical support for Ukrainian soldiers, but that none are on the frontlines. However, it's rumored that there's a large presence of clandestine CIA and US special forces that have been operating in Ukraine since the Russian invasion in February. The second GDPNow US Q4 GDP estimate is 2.6%, down from 3.1% on 10/28. Key Upcoming Dates: FOMC Statement at 2pm EST 11/02; October Employment Situation at 830am (EST) 11/04; 2nd Estimate of US Q3 GDP at 830am (EST) 11/30.*
Price is currently attempting to push higher after bouncing off the 50MA at ~$111. Parabolic SAR flips bullish at $112.75, this margin is mildly bullish. RSI is currently trending down and testing the uptrend line from August 2020 as support at 49.10 minor support. Stochastic remains bullish and is currently testing 50.61 resistance with no signs of peak formation. MACD remains bearish and is currently forming a soft trough just above -0.38 support for the fourth consecutive session. ADX continues to trend down at 13.57 as Price attempts to push higher, this is mildly bearish.
If Price is able to keep pushing higher then it will likely aim to retest the local-high at ~$114 as resistance. However, if Price breaks down below the 50MA at ~$111 as support, it will likely retest $110 minor support. Mental SL: (two b2b closes below) $111.