Weekly outlook DXY: a partial deal is not a deal(Short)
The price had reach a support area, for this week ahead we can expect an upside movement as a retracement process before start to move down once again.
In the fundamental side:
On friday there were a mini deal between US and China, but it doesnt mean anything, the coming week we can expect anything with the deal situation. In the other hand, we have something very important and forgotten by the investors, the change in tone on the FOMC minutes, in which one the Fed is contemplating to start a new QE program in order to prepare the economy for a possible recession in the mid term, this situation will bring pressure to the dollar price to the downside the month ahead.
For tuesday we have Retail sales data and on thrusday Manufacturing index.
In the technical side:
The price reach a support level, we can expect for the coming days the price to start an upside movement, the resistance area above is in the 98-99 range, where the price made a gap. and is where the previous downside movement had the 0.5 and 0.618 fibo retracement level, wait for a signal for keep going lower.
If the price makes a range in the actual area, we should keep tracking for a kangaroo tail in shooting start form to track the downside movement.
In the fundamental side:
On friday there were a mini deal between US and China, but it doesnt mean anything, the coming week we can expect anything with the deal situation. In the other hand, we have something very important and forgotten by the investors, the change in tone on the FOMC minutes, in which one the Fed is contemplating to start a new QE program in order to prepare the economy for a possible recession in the mid term, this situation will bring pressure to the dollar price to the downside the month ahead.
For tuesday we have Retail sales data and on thrusday Manufacturing index.
In the technical side:
The price reach a support level, we can expect for the coming days the price to start an upside movement, the resistance area above is in the 98-99 range, where the price made a gap. and is where the previous downside movement had the 0.5 and 0.618 fibo retracement level, wait for a signal for keep going lower.
If the price makes a range in the actual area, we should keep tracking for a kangaroo tail in shooting start form to track the downside movement.
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