11 Nov 2013
DXY gets another turbo boost from US jobs dat Friday but failed to take out Thursday’s high of 81.46
FXstreet.com (Barcelona) - The US Dollar Index (DXY) was driven to solidly high levels last week by the dovish remarks out of the ECB Thursday and the surprisingly bullish US jobs data Friday.
DXY should be quiet until Tuesday at least – when the Janet Yellen show takes center stage
After the extreme volatility greenback traders had to navigate last week, the first session of the week will be very quiet as the US markets are closed for Veteran’s Day and there is only a speech from Germany’s Bundesbank’s President coming out of Europe.
Later this week in Washington, the Janet Yellen show will be the focus of global traders. A speedy confirmation of Yellen will be an additional boost for global risk bulls while any signs of a failure to confirm her - however unlikely that may be - would be disastrous for the markets.
Technical outlook for the DXY
The DXY took out the ceiling at 80.75 and made it as high as 81.46 before pulling back a bit on Thursday. Friday, after the US jobs report surprised to the upside, the DXY managed to get close but failed to eclipse the Thursday peak. The first three downside targets are 80.52, 80.23 and 79.94 – all of which are meaningful Fibonacci retracements of the recent up move.
DXY should be quiet until Tuesday at least – when the Janet Yellen show takes center stage
After the extreme volatility greenback traders had to navigate last week, the first session of the week will be very quiet as the US markets are closed for Veteran’s Day and there is only a speech from Germany’s Bundesbank’s President coming out of Europe.
Later this week in Washington, the Janet Yellen show will be the focus of global traders. A speedy confirmation of Yellen will be an additional boost for global risk bulls while any signs of a failure to confirm her - however unlikely that may be - would be disastrous for the markets.
Technical outlook for the DXY
The DXY took out the ceiling at 80.75 and made it as high as 81.46 before pulling back a bit on Thursday. Friday, after the US jobs report surprised to the upside, the DXY managed to get close but failed to eclipse the Thursday peak. The first three downside targets are 80.52, 80.23 and 79.94 – all of which are meaningful Fibonacci retracements of the recent up move.