News of a preliminary trade agreement between the U.S. and China fueled a rally of more than 1.1% in the US Dollar with the index surging into confluent downtrend resistance today at 101.77/92- a region defined by the objective September high and the high-day close (HDC). A topside breach / close above this threshold is needed to suggest a more significant low was registered last month / invalidate the February downtrend.
Near-term bullish invalidation now raised to 99.96 with a breach here exposing 102.95/99 and the 200-day moving average into 104.04/30. Keep in mind we have U.S. CPI on tap tomorrow. Review my latest US Dollar Short-term Outlook for a closer look at the near-term DXY technical trade levels.
-MB
Near-term bullish invalidation now raised to 99.96 with a breach here exposing 102.95/99 and the 200-day moving average into 104.04/30. Keep in mind we have U.S. CPI on tap tomorrow. Review my latest US Dollar Short-term Outlook for a closer look at the near-term DXY technical trade levels.
-MB
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