Bearish scenario: Shorts below 18100 with TP1: 17900... Anticipated bullish scenario: Intraday Longs above 18130 with TP...
USD Index is Testing Trendline
2021-05-28 • Updated
4H Chart
Daily Chart
The US Dollar Index tested the higher line of its downtrend channel on the daily chart but failed to breakout, following the disappointment of the 2nd reading of Q1 GDP. Yet, the technical indicators are turning bullish, yet it needs some confirmation, which might come through the list of fundamentals that we are waiting for including the MoM Core PCE Price Index, Personal Income, Personal Spending, and the Chicago PMI. A weekly close-out of the downside channel will be the first confirmation for an upside retracement. Otherwise, the downside trend is here to stay.
S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
89.44 |
89.73 |
89.85 |
90.01 |
90.14 |
90.30 |
90.59 |
Similar
Bullish Scenario: Buys above 17910 with TP:18098.07, TP2:18277, and TP3: 18415 Bearish Scenario: Sells below 17850 with TP1:17730, TP2: 17700
During his program on CNBC on February 28, Jim Cramer expressed frustration with the impact of earnings reports on market behavior, noting how they often prompt rash decisions by average investors. He criticized the short-term focus and lack of attention to nuance in news coverage of earnings. Cramer cited examples of Home Depot and Lowe's, highlighting how investors reacted hastily to headline news without considering the broader context provided in earnings calls.
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Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...