19 Jul 2013
DXY crossroads time! Will greenback futures break 82.445 pivot and slide to June lows?
FXstreet.com (Barcelona) - Better-than-anticipated weekly jobless claims, a much higher-than-expected Philadelphia Fed Manufacturing number and a repeat performance by Bernanke on Capitol Hill Thursday all contributed to the US Dollar futures successfully holding on to short-term support at the 6/25 low of 82.445 (for the time being).
DXY futures likely to move big in one direction or the other according to technicians:
Technical analysts are divided in their opinion on the US Dollar Index (DX on the futures / DXY on the index, UUP and UDN for ETF players) depending on the time-frame. Tim Thielen, CMT, author of The Sea Change Report, comes out short-term neutral on the DX futures and says a close below 82.445 will likely lead to a test of the June lows at 80.615 while a move to new 52-week highs above 85.094 is possible if not likely as long as the 6/25 low holds. Very short-term resistance for DX comes in at 83.62 ; R2 comes in at 84.234; and, R3 is at 84.825. Support for DX may come into play at: S1 82.445; S2 81.64; and, S3 80.615. Key crosses affected include EUR/USD, USD/JPY, and AUD/USD.
DXY futures likely to move big in one direction or the other according to technicians:
Technical analysts are divided in their opinion on the US Dollar Index (DX on the futures / DXY on the index, UUP and UDN for ETF players) depending on the time-frame. Tim Thielen, CMT, author of The Sea Change Report, comes out short-term neutral on the DX futures and says a close below 82.445 will likely lead to a test of the June lows at 80.615 while a move to new 52-week highs above 85.094 is possible if not likely as long as the 6/25 low holds. Very short-term resistance for DX comes in at 83.62 ; R2 comes in at 84.234; and, R3 is at 84.825. Support for DX may come into play at: S1 82.445; S2 81.64; and, S3 80.615. Key crosses affected include EUR/USD, USD/JPY, and AUD/USD.