ridethepig | Dollar Macro Map
Atualizado
A very busy few weeks in markets, finally ridethepig with some spare time for a whole round of chart updates across the FX board and beyond.
On the monetary side, a whole new raft of FED cutting expectations entered the room via coronavirus impact leg on Equities and forced the FED into a surprise -50bps cut. Markets are sticking the knife in and keeping more cuts in March also on the table while across the Atlantic the ECB are admitting defeat with only -10bps of room (btw will not make any difference!). You can see the divergence in monetary policy between ECB and FED ... FED has room to continue cutting while ECB has its rear up against the wall.
The USD breakout of this channel is negating the previous uptrend that was intact. This is the leg we have been tracking together here for some months now, with the resulting trigger from Covid-19 demand and supply shock. The monthly chart is a lot cleared and easier to swing:
On the technical map, importantly price failed to breach the highs via the Covid-19 short-circuit after testing 99.9x before sellers defended.
Steel Support 93.8x <=> Strong Support 95.8x (we are currently here) <=> Soft Support 96.7x <=> S/R FLIP <=> Soft Resistance 97.83x <=> Strong Resistance 98.8x <=> Steel Resistance 99.9x
Good luck all those in USD pairs, I have a round of important G10 and EMFX ideas coming this weekend. Thanks for keeping the support coming with likes and comments... jump into the conversation below with your charts, questions and views!
On the monetary side, a whole new raft of FED cutting expectations entered the room via coronavirus impact leg on Equities and forced the FED into a surprise -50bps cut. Markets are sticking the knife in and keeping more cuts in March also on the table while across the Atlantic the ECB are admitting defeat with only -10bps of room (btw will not make any difference!). You can see the divergence in monetary policy between ECB and FED ... FED has room to continue cutting while ECB has its rear up against the wall.
The USD breakout of this channel is negating the previous uptrend that was intact. This is the leg we have been tracking together here for some months now, with the resulting trigger from Covid-19 demand and supply shock. The monthly chart is a lot cleared and easier to swing:
On the technical map, importantly price failed to breach the highs via the Covid-19 short-circuit after testing 99.9x before sellers defended.
Steel Support 93.8x <=> Strong Support 95.8x (we are currently here) <=> Soft Support 96.7x <=> S/R FLIP <=> Soft Resistance 97.83x <=> Strong Resistance 98.8x <=> Steel Resistance 99.9x
Good luck all those in USD pairs, I have a round of important G10 and EMFX ideas coming this weekend. Thanks for keeping the support coming with likes and comments... jump into the conversation below with your charts, questions and views!
Nota
94.79 hit...
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