USDX: Thoughts and Analysis Pre-US CPI
Today's focus: USDX
Pattern – LH Resistance push
Support – 102.45
Resistance – 104.12 - 104.35
Hi, and thanks for checking out today's update. Today, we are looking at USDX on the daily chart.
Today's video asks if USDX will continue to remain below resistance and possibly break lower if today's CPI data comes in lower than expected. We are mainly focused on the resistance areas and the current LH that has formed around the supply and resistance areas discussed in our video update.
We have also noted some bullish price action; if CPI rises to the upside, this could set up a new continuation higher. But for now, as noted in today's video, we will continue to look at the resistance holds and the current trend of CPI declines on the y/y.
US CPI data is due on Wednesday at 8:30 am EST or 12:30 pm AEDT.
Good trading.
Pattern – LH Resistance push
Support – 102.45
Resistance – 104.12 - 104.35
Hi, and thanks for checking out today's update. Today, we are looking at USDX on the daily chart.
Today's video asks if USDX will continue to remain below resistance and possibly break lower if today's CPI data comes in lower than expected. We are mainly focused on the resistance areas and the current LH that has formed around the supply and resistance areas discussed in our video update.
We have also noted some bullish price action; if CPI rises to the upside, this could set up a new continuation higher. But for now, as noted in today's video, we will continue to look at the resistance holds and the current trend of CPI declines on the y/y.
US CPI data is due on Wednesday at 8:30 am EST or 12:30 pm AEDT.
Good trading.
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