24 Dec 2013
DXY spends another day in the red and below key resistance at 80.72. Have the bears won?
FXstreet.com (Barcelona) - The DXY failed yet again to overtake key resistance at 80.72 – leaving inflation hawks and DXY bulls scratching their heads.
DXY watchers to monitor light data flow while enjoying the holidays
DXY watchers will be monitoring the following data points due out Tuesday:
• Bank of Japan Monthly Economic Survey
• British Mortgage Approvals
• US Mortgage Applications
• US Durable Goods
• US New Home Sales
Technical outlook for the DXY
Technicians say the DXY may have set a short-term low at 79.75 support on December 11th. Below that level, there is additional support at 79.63 and at the ultimate “line in the sand” at 79. Resistance for DXY comes in at ST “correction resistance” at 80.72 and is followed up by a round number level at 81 and is backed up further by the horizontal line at 81.50. The ultimate target for DXY for this move higher should – according to DXY bulls – be 86.92 in the long-term (so get ready, if 80.72 is broken, for whatever ramifications that may bring to the other asset classes).
DXY watchers to monitor light data flow while enjoying the holidays
DXY watchers will be monitoring the following data points due out Tuesday:
• Bank of Japan Monthly Economic Survey
• British Mortgage Approvals
• US Mortgage Applications
• US Durable Goods
• US New Home Sales
Technical outlook for the DXY
Technicians say the DXY may have set a short-term low at 79.75 support on December 11th. Below that level, there is additional support at 79.63 and at the ultimate “line in the sand” at 79. Resistance for DXY comes in at ST “correction resistance” at 80.72 and is followed up by a round number level at 81 and is backed up further by the horizontal line at 81.50. The ultimate target for DXY for this move higher should – according to DXY bulls – be 86.92 in the long-term (so get ready, if 80.72 is broken, for whatever ramifications that may bring to the other asset classes).