25 Oct 2013
DXY’s modest drift lower Thursday could be leading up to one acceleration to the downside
FXstreet.com (Barcelona) - The US Dollar Index (DXY) oscillated several times, but pretty much toggled the flat line all day Thursday. As we head into the Asian session, the DXY is right at the midpoint of Thursday’s range.
DXY to be pushed around by global data and mood Friday
Friday, DXY-watchers will be observing the index’s reaction to a litany of data points including: New Zealand Business Confidence; Japanese Inflation Data; British GDP; EU Council Meeting; German Expectations; German Current Assessment; US Durable Goods; and, the US University of Michigan Consumer Sentiment Survey.
Technical outlook for the DXY
Technicians say that now that the DXY broke below projected short-term support at 79.39, the next potential target is the upper edge of a projected range of “correction support” at 78.96. The real “line in the sand” for any remaining DXY bulls, however, comes in at 78.63. The first two hurdles for DXY bulls are Monday’s high of 79.82 and last Wednesday’s high of 80.75.
DXY to be pushed around by global data and mood Friday
Friday, DXY-watchers will be observing the index’s reaction to a litany of data points including: New Zealand Business Confidence; Japanese Inflation Data; British GDP; EU Council Meeting; German Expectations; German Current Assessment; US Durable Goods; and, the US University of Michigan Consumer Sentiment Survey.
Technical outlook for the DXY
Technicians say that now that the DXY broke below projected short-term support at 79.39, the next potential target is the upper edge of a projected range of “correction support” at 78.96. The real “line in the sand” for any remaining DXY bulls, however, comes in at 78.63. The first two hurdles for DXY bulls are Monday’s high of 79.82 and last Wednesday’s high of 80.75.