POTENTIAL TRADE: U.S DOLLAR CURRENCY INDEX (DXY)
The U.S dollar strengthened today, we observed very bullish momentum. Equity markets also surged with Wall Street's Nasdaq index hitting a record high. This is all due to the fact that investors took heart from China's effort to minimize the economic impact of from the coronavirus epidemic.
Below are some stats on how equities performed today:
The Dow jumped 407.82 points, or 1.4% to 28,807.63
The Nasdaq Composite advanced 2.1% to a record close of 9,467.97
Prices of Gold, Government debt and traditional safe havens slid as investors gained back their trust and confidence that China will take extreme measures in order to alleviate the economic pressures and toll from the coronavirus outbreak that has already claimed the lifes of 420 people.
As you can see in the chart, the U.S Dollar currency index has managed to break-out of the downtrend indicated by the white trendline. It has re-tested the 97.7 zone of previous resistance and appears to be heading back up to the target of 98.5 with extensions at 99.8.
The U.S dollar strengthened today, we observed very bullish momentum. Equity markets also surged with Wall Street's Nasdaq index hitting a record high. This is all due to the fact that investors took heart from China's effort to minimize the economic impact of from the coronavirus epidemic.
Below are some stats on how equities performed today:
The Dow jumped 407.82 points, or 1.4% to 28,807.63
The Nasdaq Composite advanced 2.1% to a record close of 9,467.97
Prices of Gold, Government debt and traditional safe havens slid as investors gained back their trust and confidence that China will take extreme measures in order to alleviate the economic pressures and toll from the coronavirus outbreak that has already claimed the lifes of 420 people.
As you can see in the chart, the U.S Dollar currency index has managed to break-out of the downtrend indicated by the white trendline. It has re-tested the 97.7 zone of previous resistance and appears to be heading back up to the target of 98.5 with extensions at 99.8.