• 288 days Will The ECB Continue To Hike Rates?
  • 288 days Forbes: Aramco Remains Largest Company In The Middle East
  • 290 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 690 days Could Crypto Overtake Traditional Investment?
  • 695 days Americans Still Quitting Jobs At Record Pace
  • 696 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 700 days Is The Dollar Too Strong?
  • 700 days Big Tech Disappoints Investors on Earnings Calls
  • 701 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 702 days China Is Quietly Trying To Distance Itself From Russia
  • 703 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 707 days Crypto Investors Won Big In 2021
  • 707 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 708 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 710 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 711 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 714 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 715 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 715 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 717 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Daily DXY Roundup: 11/03

The DXY's (US Dollar Index) rally faded after the FOMC (Federal Open Market Committee).Closing price-action confirmed follow-through from Tuesday's bearish engulfmentpattern. The latest consolidation break-down has now directed dollar bears towardskey trendline support near the 76 handle. A decisive close above the 20-day MAat 77.20 is required to stabilize the current bout of selling pressure.

The Yen was the clear loser of the day, prompting intervention rumors by theMOF (Ministry of Finance). The USD/JPY accelerated through stops after confirminga higher low above Tuesday's high. Clearing the 20-day MA is the next obstacleand doing so would expose the key JPY82 region. Only above this key pivot suggestsa more meaningful rally is in store.

The EUR/USD continues to extend gains since breaking out of a triangular consolidationpattern. From an Elliot wave perspective, the completion of the corrective fourthwave has now triggered the terminal fifth wave. While EUR1.4186 is a significanttechnical level, it is too early to determine whether the fifth wave extensionwill be a mere throw-over.

In the meantime, the currency markets will have to keep an eye on the S&P500. The index is nearing a confluence of Fibonacci levels in the 1202/1203 region.A rejection at this pivot could set the stage for the DXY to complete impulsiveweakness.

 

Back to homepage

Leave a comment

Leave a comment