17 Oct 2013
DXY rises on the markets’ optimism for a DC resolution; still shy of 80.51 resistance
FXstreet.com (Barcelona) - The US Dollar Index (DXY) rose rather uneasily in the hopes that the anti-Obamacare Republicans in the US House of Representatives would approve the Senate resolution to end the shutdown and raise the debt ceiling.
DXY will likely blow through resistance once the resolution in the US is official
The timetable for the rest of the evening in the US is for the Senate to vote on the agreed upon resolution at around midnight GMT and for the House to vote at around 3:30 GMT. Markets are likely going to be in a holding pattern until things are made official by the House.
There are, in fact, data points due out from Australia, China, Britain, Europe and the US – but they will almost certainly take a back seat to the DC news.
Technical outlook for DXY
Technicians still say there is one more hurdle to jump at 80.51 for the US Dollar Index (DXY) bulls to officially be in the clear. Above that level, the next resistance would be 80.75. If resistance holds at 80.51 we could still see a drop all the way down to the wave “C” target at 79.00.
DXY will likely blow through resistance once the resolution in the US is official
The timetable for the rest of the evening in the US is for the Senate to vote on the agreed upon resolution at around midnight GMT and for the House to vote at around 3:30 GMT. Markets are likely going to be in a holding pattern until things are made official by the House.
There are, in fact, data points due out from Australia, China, Britain, Europe and the US – but they will almost certainly take a back seat to the DC news.
Technical outlook for DXY
Technicians still say there is one more hurdle to jump at 80.51 for the US Dollar Index (DXY) bulls to officially be in the clear. Above that level, the next resistance would be 80.75. If resistance holds at 80.51 we could still see a drop all the way down to the wave “C” target at 79.00.