DXYUSD daily guidance is neutral with a bearish bias. Recommended ratio: 40% DXY, 60% Cash.
*I violated the House Rules for showcasing private indicators that I didn't create and was put in timeout in addition to my previous 5 ideas being hidden. Sorry I guess.*
*Investors are fleeing DXY and their Fixed Income trades and moving back into Risk-On assets as market participants seem to think that the Fed is going to slow down rates hikes by opting for 50bps vs 75bps on December 14th. Meanwhile Ukraine continues to operate with half of the country's energy capacity as the winter continues to get colder and has appealed to President Biden to consider sending Gray Eagle Drones to aid in their defense against Russia. Tomorrow is a big day for economic data in the US with Manufacturing PMI, Consumer Sentiment, New Homes Sales and the FOMC Minutes all due to report. It's important to remain prepared for a reversal back to DXY and US Treasuries if the numbers don't support the "inflation is coming down" narrative. TIPS are still attractive until CPI comes down consistently.
Equities, Equity Futures, Cryptos, Commodities, JPYUSD, GBPUSD, EURUSD, CNYUSD, NI225 and N100 are up. DXY, US Treasuries, VIX and HSI are down.
Key Upcoming Dates: S&P US Manufacturing PMI at 945am EST 11/23; UofM November Consumer Sentiment Index at 10am EST 11/23; US October New Homes Sales at 10am EST 11/23; FOMC Minutes at 2pm EST 11/23; 6th GDPNow US Q4 GDP estimate 11/23; 2nd BEA Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/01; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*
Price is currently trending down at $107.15 after being rejected by $108 resistance. Parabolic SAR flips bullish at $109.73, this margin is mildly bullish. RSI is currently testing 39.43 resistance, if it can break above this level then the next resistance is the uptrend line from July 2020 at 49 resistance. Stochastic remains bullish and is currently trending up at 39 as it approaches a test of 45.65 resistance. MACD remains bearish and is currently trending up off of -1.21 support, if it can get above -1.05 this would be a bullish crossover. ADX is currently trending sideways at 25 as Price attempts to recapture its uptrend, this is neutral at the moment.
If Price is able to bounce here then it will likely aim to retest $108 resistance before potentially pushing higher to test $110 minor resistance. However, if Price continues down here, it will likely test the 200MA at ~$105 as support for the first time since June 2021 before potentially retesting the uptrend line from May 2021 at $103.15 support. Mental Stop Loss: (two consecutive closes above) $108.04.
*I violated the House Rules for showcasing private indicators that I didn't create and was put in timeout in addition to my previous 5 ideas being hidden. Sorry I guess.*
*Investors are fleeing DXY and their Fixed Income trades and moving back into Risk-On assets as market participants seem to think that the Fed is going to slow down rates hikes by opting for 50bps vs 75bps on December 14th. Meanwhile Ukraine continues to operate with half of the country's energy capacity as the winter continues to get colder and has appealed to President Biden to consider sending Gray Eagle Drones to aid in their defense against Russia. Tomorrow is a big day for economic data in the US with Manufacturing PMI, Consumer Sentiment, New Homes Sales and the FOMC Minutes all due to report. It's important to remain prepared for a reversal back to DXY and US Treasuries if the numbers don't support the "inflation is coming down" narrative. TIPS are still attractive until CPI comes down consistently.
Equities, Equity Futures, Cryptos, Commodities, JPYUSD, GBPUSD, EURUSD, CNYUSD, NI225 and N100 are up. DXY, US Treasuries, VIX and HSI are down.
Key Upcoming Dates: S&P US Manufacturing PMI at 945am EST 11/23; UofM November Consumer Sentiment Index at 10am EST 11/23; US October New Homes Sales at 10am EST 11/23; FOMC Minutes at 2pm EST 11/23; 6th GDPNow US Q4 GDP estimate 11/23; 2nd BEA Estimate of US Q3 GDP at 830am (EST) 11/30; October PCE Index at 830am EST 12/01; Last FOMC Rate Hike Announcement of 2022 at 2pm EST 12/14.*
Price is currently trending down at $107.15 after being rejected by $108 resistance. Parabolic SAR flips bullish at $109.73, this margin is mildly bullish. RSI is currently testing 39.43 resistance, if it can break above this level then the next resistance is the uptrend line from July 2020 at 49 resistance. Stochastic remains bullish and is currently trending up at 39 as it approaches a test of 45.65 resistance. MACD remains bearish and is currently trending up off of -1.21 support, if it can get above -1.05 this would be a bullish crossover. ADX is currently trending sideways at 25 as Price attempts to recapture its uptrend, this is neutral at the moment.
If Price is able to bounce here then it will likely aim to retest $108 resistance before potentially pushing higher to test $110 minor resistance. However, if Price continues down here, it will likely test the 200MA at ~$105 as support for the first time since June 2021 before potentially retesting the uptrend line from May 2021 at $103.15 support. Mental Stop Loss: (two consecutive closes above) $108.04.
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Disclaimer
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.