The dollar has put its most significant and bullish bounce in during this summer sell off. While we broke nicely out of the orange channel & set a daily higher low, overnight we rejected hard off the 50dma and local daily high of 93.66, topping out at 93.59. Bulls are going to want to hold 92.70, reload and make a big push over this 93.59-93.66 area (which would include the 50dma). If they can't, then this bounce attempt might be out of bullets & the the dollar might be headed for another solid leg down to the 88-89 area (especially with what looks to be a 1.5 Trillion final fiscal package on the table).
The daily RSI channel is a good guide to follow, with 57.31 Daily resistance being a good level to look at on the upside. While a breakdown, and subsequent move under 40 would confirm a bearish move IMO.
The daily RSI channel is a good guide to follow, with 57.31 Daily resistance being a good level to look at on the upside. While a breakdown, and subsequent move under 40 would confirm a bearish move IMO.
Note
So far bulls have held 94.70 as well as Daily RSI channel, will probably get the bounce attempt next week unless we break below todayNote
Bulls heading up to that resistance zone, this should be at the top of your watchlist today as a convincing bull break would turn me bearish equities & PM'sNote
Through the 50 dma and resistance, now bulls need a break through 93.60Note
Huge break for the bulls, 94 is the last level in the sand for me which will shift my bias bearish across assets
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.