Hi all, it's my first time posting ideas here. Please be gentle. All feedbacks are appreciated.
Given the upcoming FOMC meeting, I would love to have a discussion below about what you think is going to happen today with the DXY, and subsequently the stock & crypto markets.
The CPI readings (0.1%) came in higher than forecasted (0.0%), which could hint at the Federal Reserve announcing a rate hike during tonight’s FOMC meeting.
Furthermore, the technicals tell us DXY is still in a daily uptrend, and we could very well be seeing a consolidation before a move up before getting rejected. It’s important to stay cautious during this time and keep a close eye on tonight’s FOMC meeting, which is the final meeting of the year.
DXY has bounced off of a Local bullish 0.618 Fib retracement, drawn from July to October 2023. It’s also currently supported by a rising trendline. However, if Jerome Powell announces in the FOMC that interest rates will remain paused, we may see a breakdown from the trendline and challenge the higher low at 102.471 regions, or levels at the April Pivots.
Technical levels to watch for DXY are:
Key Support 1: Higher Low at 102.471
Key Support 2: April Pivot at 101.268 - 101.268
Key Resistance 1: Local Bearish 0.382 Fib at 104.418
Key Resistance 2 (Major): Cluster of resistances at 105.424
Given the upcoming FOMC meeting, I would love to have a discussion below about what you think is going to happen today with the DXY, and subsequently the stock & crypto markets.
December 13th, 2023
- CPI Data release came in higher at 0.1%, rather than the forecasted 0.0%
- As the markets are still very bullish, and this reading was considered neutral - DXY still took a small move of -0.26% to the downside
- Note that DXY is still in a daily uptrend
The CPI readings (0.1%) came in higher than forecasted (0.0%), which could hint at the Federal Reserve announcing a rate hike during tonight’s FOMC meeting.
Furthermore, the technicals tell us DXY is still in a daily uptrend, and we could very well be seeing a consolidation before a move up before getting rejected. It’s important to stay cautious during this time and keep a close eye on tonight’s FOMC meeting, which is the final meeting of the year.
DXY has bounced off of a Local bullish 0.618 Fib retracement, drawn from July to October 2023. It’s also currently supported by a rising trendline. However, if Jerome Powell announces in the FOMC that interest rates will remain paused, we may see a breakdown from the trendline and challenge the higher low at 102.471 regions, or levels at the April Pivots.
Technical levels to watch for DXY are:
Key Support 1: Higher Low at 102.471
Key Support 2: April Pivot at 101.268 - 101.268
Key Resistance 1: Local Bearish 0.382 Fib at 104.418
Key Resistance 2 (Major): Cluster of resistances at 105.424
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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.