Weekly outlook DXY: Price finally broke the channel
The price has broke the lower part of the channel with a retouch confirmation, changing that line from support to resistance with strong bear canddles.
In the fundamental side:
US and China final get a phase one deal according both officials announcement, the translation of those agreement have takes too long and have give uncertain about the situation of what is truling going on. At the same time we have a Fed that is not expected to move the interest rate in the short and middle term, the market right now is expecting just one cut rate chance and just for the year end. And finally we have the new situation about the US and Iran tension, right now all the safe haven investment are ON FIRE such as Yen and the Swiss Franc, this bringing pressure to push lower the dollar index.
In the technical side:
The price has broke the lower part of the channel with a retouch confirmation, changing that line from support to resistance with strong bear canddles, right now the price is in a retracement process of the downside movement, according to the fibo levels and elliot waves, the price is trying to reach the 3.618 of fibo levels extensions for end the 5 wave of structure before the market beginning a more significant retracemente process.
In the fundamental side:
US and China final get a phase one deal according both officials announcement, the translation of those agreement have takes too long and have give uncertain about the situation of what is truling going on. At the same time we have a Fed that is not expected to move the interest rate in the short and middle term, the market right now is expecting just one cut rate chance and just for the year end. And finally we have the new situation about the US and Iran tension, right now all the safe haven investment are ON FIRE such as Yen and the Swiss Franc, this bringing pressure to push lower the dollar index.
In the technical side:
The price has broke the lower part of the channel with a retouch confirmation, changing that line from support to resistance with strong bear canddles, right now the price is in a retracement process of the downside movement, according to the fibo levels and elliot waves, the price is trying to reach the 3.618 of fibo levels extensions for end the 5 wave of structure before the market beginning a more significant retracemente process.
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