7 Nov 2013
DXY pulls back away from 80.75 resistance and tests the first potential Fibo support at 80.37
FXstreet.com (Barcelona) - The US Dollar Index (DXY) pulled back to the 23.6% Fibonacci retracement line at 80.37 after once again failing to crack the temporary ceiling at 80.75.
DXY to be driven by major global data Thursday
Thursday’s DXY-moving news flow includes: foreign investment in Japanese securities; the Aussie Employment Report; the Bank of Japan Monthly Economic Survey; Japan’s Leading Index; Japan’s Coincident Index; German Industrial Production; the Bank of England’s Interest Rate Decision and Asset Purchase Facility; the ECB Interest Rate Decision and commentary; US GDP; US Weekly Jobless Claims; US Personal Consumption Expenditure; and, the US Consumer Credit change.
Technical outlook for the DXY
After failing again to conquer the ceiling at 80.75, technicians say the DXY is likely to come in at the first two meaningful Fibonacci retracements of the recent rally at 80.11 and 79.90. The next resistance above 80.75 is the 9/16 close (and lower edge of downside gap) at 81.29.
DXY to be driven by major global data Thursday
Thursday’s DXY-moving news flow includes: foreign investment in Japanese securities; the Aussie Employment Report; the Bank of Japan Monthly Economic Survey; Japan’s Leading Index; Japan’s Coincident Index; German Industrial Production; the Bank of England’s Interest Rate Decision and Asset Purchase Facility; the ECB Interest Rate Decision and commentary; US GDP; US Weekly Jobless Claims; US Personal Consumption Expenditure; and, the US Consumer Credit change.
Technical outlook for the DXY
After failing again to conquer the ceiling at 80.75, technicians say the DXY is likely to come in at the first two meaningful Fibonacci retracements of the recent rally at 80.11 and 79.90. The next resistance above 80.75 is the 9/16 close (and lower edge of downside gap) at 81.29.