Slobodan Drvenica
Windsor Brokers
US Dollar Index
The dollar continues to strengthen against its major peers, extending the steep upleg into fifth straight day and posting new five month high in early Tuesday.
The latest economic data from the US showed stronger than expected rise in retail sales, adding to signals that the US economy is in good condition, after recent robust labor data contributed to signals.
Strong numbers also support the idea that the Fed may not be in rush to start cutting interest rates that additionally support the dollar.
Fresh gains on Tuesday cracked pivotal barrier at 106.11 (weekly Ichimoku cloud top), but bulls may face increased headwinds here, as daily studies are strongly overbought.
Dips are likely to be limited, with solid supports at 105.00 zone (broken Fibo 38.2% of 114.72/99.20 / rising daily Tenkan-sen) to contain and keep bulls intact for attempts through weekly cloud top and attack at next strong barrier at 107.00 zone (Oct lower platform / 50% retracement).
Res: 106.22; 107.00; 107.88; 108.62.
Sup: 105.61; 105.13; 104.92; 104.24.
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD flirts with daily tops near 1.0730
The continuation of the selling pressure in the Greenback now lends further oxygen to the risk complex, encouraging EUR/USD to revisit the area of daily highs near 1.0730.
USD/JPY looks stable around 156.50 as suspicious intervention lingers
USD/JPY remains well on the defensive in the mid-156.00s albeit off daily lows, as market participants continue to digest the still-unconfirmed FX intervention by the Japanese MoF earlier in the Asian session.
Gold advances for a third consecutive day
Gold fluctuates in a relatively tight channel above $2,330 on Monday. The benchmark 10-year US Treasury bond yield corrects lower and helps XAU/USD limit its losses ahead of this week's key Fed policy meeting.
Week Ahead: Bitcoin could surprise investors this week Premium
Two main macroeconomic events this week could attempt to sway the crypto markets. Bitcoin (BTC), which showed strength last week, has slipped into a short-term consolidation.
Five Fundamentals for the week: Fed fears, Nonfarm Payrolls, Middle East promise an explosive week Premium
Higher inflation is set to push Fed Chair Powell and his colleagues to a hawkish decision. Nonfarm Payrolls are set to rock markets, but the ISM Services PMI released immediately afterward could steal the show.