DXY Price Analysis: Without a Clear Direction

17 de set.

DXY Price Analysis: Without a Clear Direction

Technical Analysis:
The price has moved inside a large-range trading pattern during the last month. The range movement is located between 100.50 and 101.90
Price is near to a key support zone. If it manages to rise again then it will develop an ABCDE pattern.

If the price rises for the "E wave" then it may easily reach 101.25 and the final target should be near to 101.90 which corresponds to a key resistance zone.

If the price breaks down of 100.50 then the odds are that it can move down to 100.13 and probably if the sell-off accelerates further it may reach 99.50

Fundametal analysis:
The market is focused on the FOMC meeting scheduled on Wednesday, September 18.
According to the rate cut and Powell's press conference the USD will take the news direction. That is why also DXY is showing both trading opportunities.

Thank you and good luck!

18 de set.

Nota

Yesterday +0.45%

18 de set.

Nota

Yesterday, after the opening of the US market, the DXY increased by nearly 0.45%, indicating that USD bulls are still in control and protecting the breach of 100.50, a key support zone and important psychological area for new trend direction.

Today, the DXY decreased slightly ahead of the FOMC meeting. The overall picture remains complex, but as long as the bulls prevent the price from falling below 100.50, we may see the USD rising again.

It appears that the 50 bps rate cut from the FOMC is priced in advance, and the market is now waiting for Powell’s details on interest rate projections and future monetary policy changes.