idea for next week.
The dollar index rose to three-week high on Tuesday, following stronger than expected US JOLTS data and consumer confidence.
Solid numbers add to view that the US economy remains resilient and offered fresh support to dollar.
Bulls cracked barrier at 104.55 (50% retracement of 105.78/103.31 / daily Kijun-sen), with break here to expose the base of thinning daily cloud (104.73) which is also magnetic.
Near-term action is biased higher following Monday’s close above 200DMA (104.11), although caution is still required as MA’s are in mixed setup and north-heading 14-d momentum is still in negative territory.
Sustained break of 104.55 pivot to improve near-term structure for attack at daily cloud (spanned between 104.73 and 104.89).
Only return and close below 200DMA would sideline bulls.
Solid numbers add to view that the US economy remains resilient and offered fresh support to dollar.
Bulls cracked barrier at 104.55 (50% retracement of 105.78/103.31 / daily Kijun-sen), with break here to expose the base of thinning daily cloud (104.73) which is also magnetic.
Near-term action is biased higher following Monday’s close above 200DMA (104.11), although caution is still required as MA’s are in mixed setup and north-heading 14-d momentum is still in negative territory.
Sustained break of 104.55 pivot to improve near-term structure for attack at daily cloud (spanned between 104.73 and 104.89).
Only return and close below 200DMA would sideline bulls.
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