Continuum_Economics

USD Index DXY: Consolidating - weekly charts positive

TVC:DXY   U.S. Dollar Currency Index
16:10 GMT - The pullback from 91.00 has all but reached 90.50. Prices are currently balanced above here, but negative intraday studies suggest risk of further slippage towards the 90.10 Fibonacci retracement , where improving daily stochastics and the flattening Tension Indicator could prompt fresh consolidation. Following corrective trade, rising weekly charts point to fresh gains, but a close above 91.00 is needed to prompt a cautious upgrade and open up the 91.32 retracement. Critical resistance, however, remains at the 91.60 weekly high of 5 February. A close above here is needed to confirm continuation of January gains and open up 91.98/00.
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Comments

USD uptrend no chance. Extremely bearish outlook. Prolonged downturn until Q3 at very least.
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Continuum_Economics salmaancoolkid
@salmaancoolkid, Hello. The time frame is for the short-term. However, the broader USD trend is negative, and we are looking for USD weakness into Q2 and possibly Q3. We publish a Cross Asset Chartpack every 3 months, which looks at the longer term trends of various instruments in FX, Commodities, Equities and Fixed Income, and our DXY call is currently Negative. It will be updated and published towards the end of March. Mike
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Continuum_Economics PriceActionAnalyses
@PriceActionAnalyses, Thank You. Difficult FX markets at the moment - hopefully they'll settle down into a sustainable trend. Mike
+1 Reply
PriceActionAnalyses Continuum_Economics
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