- Analytics
- News and Tools
- Market News
- DXY: Consolidation on the cards – OCBC
DXY: Consolidation on the cards – OCBC
The US Dollar (USD) sell-off shows signs of stabilising as Jackson hole excitement comes to pass, OCBC FX strategists Frances Cheung and Christopher Wong note.
Clean break of 100.60 puts 99.60 in focus
“This week, 2Q GDP (Thu) and core PCE (Fri) will be the highlight. Firmer print may potentially slow USD’s bearish momentum, but another underwhelming print should re-expose USD to further downside. That said, month-end flows, geopolitical risks may potentially distort price action.”
“DXY was last at 100.87. Bearish momentum on daily chart intact while RSI is near oversold conditions. Not ruling out the risk of short squeeze but bias to fade rallies. Death cross observed as 50DMA cuts 200DMA to the downside. Support here at 100.60 levels. Clean break puts 99.60 in focus.”
“Resistance at 101, 101.50 and 102.20 (23.6% fibo retracement of 2023 high to 2024 low).”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
