2019-11-11 • Updated
During the past week, the US dollar index (DXY) continued consolidation.
Recent releases weren’t very optimistic: manufacturing PMI and home sales both declined. Donald Trump threatened to shut down the US government over funding for a border wallon Wednesday. The market is concerned that the Congress won’t easily raise the debt ceiling and deliver on tax reform.
There will be a lot of economic updates in the coming days: the US will release consumer confidence on Tuesday, ADP employment report and preliminary GDP for the second quarter on Wednesday, core PCE price index and personal spending on Thursday and NFP together with ISM manufacturing PMI on Friday. All in all, we’ll get a pretty much new information about America’s economic health. The quality of these statistics will be very important for further direction of the greenback. Another important driver of the market will be the speech of the Federal Reserve Chair Janet Yellen at Jackson Hole on Friday evening (August 25).
The greenback remains within the overall downtrend. A close above 93.50 is needed for the DXY to start reversing up. Next resistance levels will be at 94.00 and 94.50. A break below 93.00 will lead to 92.50 and 92.00.
Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...
Bearish scenario: Sales below 80.00 with TP1: 79.60... Anticipated bullish scenario: Intraday purchases above 80.70 with TP: 81.50...
Bearish Scenario: Sales below 78.99 with TP1: 77.93, TP2: 77.45, and upon its breakout TP3: 76.56 and TP4: 75.70 Bullish Scenario: Purchases above 78.00 (wait for a pullback to this area) with TP1: 1679.00 (uncovered POC*), TP2: 79.33, and TP3: 79.66 intraday
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!
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