US Dollar Index (DXY) remains pressured below 93.50
Key Takeaways
Fundamental Analysis
Market speculation of further stimulus, lack of progress with quarantining the virus in the U.S, and the US/China tensions continued to keep the greenback subdued.
Technical Analysis
Sellers have regained control as DXY broke through the 94 level. Impulse B is roughly equivalent in size as Impulse A. RSI below the lowest level since March 9th. Further weakness down towards the 93.00 level should be taken into consideration. Daily candles continue to make lower lows.
Regards,
Michael Harding
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
- DXY stays offered in the mid-93.00s ahead of the FOMC event.
- Advanced trade deficit came in at $70.64 billion in June.
- The FOMC meeting and Powell’s press conference are next of note.
Fundamental Analysis
Market speculation of further stimulus, lack of progress with quarantining the virus in the U.S, and the US/China tensions continued to keep the greenback subdued.
Technical Analysis
Sellers have regained control as DXY broke through the 94 level. Impulse B is roughly equivalent in size as Impulse A. RSI below the lowest level since March 9th. Further weakness down towards the 93.00 level should be taken into consideration. Daily candles continue to make lower lows.
Regards,
Michael Harding
RISK DISCLAIMER
Information and opinions contained with this video are for educational purposes only and do not constitute trading recommendations. Trading Forex on margin carries a high level of risk and may not be suitable for all investors.
Disclaimer
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