Weekly outlook: DXY(Short)
The price of the Dollar Index is showing exhausting in the momentum to the upside. The odds to reach one more time the upper part of the channel in the DAILY CHART have been diminished.
What to keep on consideration:
In the fundamental side: The market is right now with the eyes on the earning season, this is an special earning season because the fear of an economic recession. Is true that the market had fade this stage, but if the earning season show out no progress on special stocks such as Bank of America or Morgan Stanley on this week, the fear of a economic recession can come out again. The Federal Reserve give this last wednesday the confirmation of no more interest rates hike eliminating with this the strong to the DXY to keep pushing higher. The trade deal keep giving uncertainty.
In the technical side: The price of the index had touch once again the lower part of the channel showing a clear weakness to the price to keep going higher, the chance to keep going lower had rise. The price in the 4h timeframe is in a retracement process right now, in the 38.2% fibonacci retracement, we have to keep watching the behavior of the price in special while it keep respecting this 4h channel, because the chance of give an another impulse in the 4h timeframe.
Sources:
cnbc.com/2019/04/12/get-ready-for-companies-to-tell-you-more-about-the-economy.html
finance.yahoo.com/calendar/earnings/
cnbc.com/2019/04/15/us-china-trade-washington-tempers-demand-that-beijing-curb-subsidies.html
PLEASE GIVE A LOOK TO THE DAILY CHART TO SEE CLEAR THE BIG PICTURE.
What to keep on consideration:
In the fundamental side: The market is right now with the eyes on the earning season, this is an special earning season because the fear of an economic recession. Is true that the market had fade this stage, but if the earning season show out no progress on special stocks such as Bank of America or Morgan Stanley on this week, the fear of a economic recession can come out again. The Federal Reserve give this last wednesday the confirmation of no more interest rates hike eliminating with this the strong to the DXY to keep pushing higher. The trade deal keep giving uncertainty.
In the technical side: The price of the index had touch once again the lower part of the channel showing a clear weakness to the price to keep going higher, the chance to keep going lower had rise. The price in the 4h timeframe is in a retracement process right now, in the 38.2% fibonacci retracement, we have to keep watching the behavior of the price in special while it keep respecting this 4h channel, because the chance of give an another impulse in the 4h timeframe.
Sources:
cnbc.com/2019/04/12/get-ready-for-companies-to-tell-you-more-about-the-economy.html
finance.yahoo.com/calendar/earnings/
cnbc.com/2019/04/15/us-china-trade-washington-tempers-demand-that-beijing-curb-subsidies.html
PLEASE GIVE A LOOK TO THE DAILY CHART TO SEE CLEAR THE BIG PICTURE.
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