All Roads lead to .. 105+ ??? - DXY
Updated
Here I have the DXY on the 4 Hr Chart!
After continued talk about "Higher Rates for Longer" being the leading case in when exactly Rate Cuts will be coming into play for the USD has really shown its reasoning with the HOT print for USD CPI y/y and m/m coming in 3.1% and .3% contrast to the forecasted 2.9% and .2%!!
This Week: Feb. 18th 2024 - Feb. 23rd
There seems to be a Bearish undertone to the News Week Forecasted for USD with
Tue -
- CB Leading Index: -.3% (.2 Decrease)
Wed -
- FOMC Meeting - Potentially NOT CUTTING RATES in March
Thur -
- Unemployment Claims: 217k (5k Increase)
- Flash Manufacturing PMI: 50.1 (.6 Decrease)
- Flash Services PMI: 52 (.5 Decrease)
.. all pointing to potentially less people working and possibly a bit of Contraction for the foreseeable Economical future
So Potentially I see the DXY needing a bit of Support ( 104.05 - 103.9 Range ) if it intends to stretch any HIGHER! and with Inflation still well above Feds Target (2%) and with the End of Month News coming like GDP, Durable Goods, PCE, etc. WE COULD potentially see the DXY Catapult!
Seasons are changing faster than ever! Environmental Challenges for companies getting Product OUT and Employees IN don't seem to be posing as LONG as a threat with SPRING coming sooner than ever!
-Potentially being a BULLISH Seasonality aspect for USD??
... LETS SEE!
After continued talk about "Higher Rates for Longer" being the leading case in when exactly Rate Cuts will be coming into play for the USD has really shown its reasoning with the HOT print for USD CPI y/y and m/m coming in 3.1% and .3% contrast to the forecasted 2.9% and .2%!!
This Week: Feb. 18th 2024 - Feb. 23rd
There seems to be a Bearish undertone to the News Week Forecasted for USD with
Tue -
- CB Leading Index: -.3% (.2 Decrease)
Wed -
- FOMC Meeting - Potentially NOT CUTTING RATES in March
Thur -
- Unemployment Claims: 217k (5k Increase)
- Flash Manufacturing PMI: 50.1 (.6 Decrease)
- Flash Services PMI: 52 (.5 Decrease)
.. all pointing to potentially less people working and possibly a bit of Contraction for the foreseeable Economical future
So Potentially I see the DXY needing a bit of Support ( 104.05 - 103.9 Range ) if it intends to stretch any HIGHER! and with Inflation still well above Feds Target (2%) and with the End of Month News coming like GDP, Durable Goods, PCE, etc. WE COULD potentially see the DXY Catapult!
Seasons are changing faster than ever! Environmental Challenges for companies getting Product OUT and Employees IN don't seem to be posing as LONG as a threat with SPRING coming sooner than ever!
-Potentially being a BULLISH Seasonality aspect for USD??
... LETS SEE!
Note
It would see USD did not like seeing CAD CPI numbers come in so Negative!Price gave the Falling Trendline a test and is now testing the waters of the Support Zone!
Note
Unemployment Claims (USD) - 201k (16k Less than Forecasted)*Bullish Read for DXY!
Next Big Event will be the PMI reads!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
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