30 Jul 2013
DXY resting at the first of three potential support levels at 81.63
FXstreet.com (Barcelona) - The US Dollar Index (DXY) fluctuated in a range from 81.50 to 81.83 throughout Monday’s session, but finished the session just a few ticks above Friday’s close at 81.66 in light overall trading.
Traders appear to be waiting for data flow to pick up – which will start Tuesday
Traders in the US Dollar pairs which influence the DXY will have much more data to digest late Monday night and throughout Tuesday. There will be potentially meaningful data coming from Japan, Australia, Germany, the EU and finishing up with the US later on Tuesday. Click here for a full rundown of the expected announcements.
Technical outlook for the DXY
Technicians say that where support comes in for this move in the DXY completely depends on how one draws the Fibonacci projection lines on the chart. Tim Thielen, CMT and author of The Sea Change Report, says that major “correction support” for the DXY can come in anywhere from 81.63 to 81.13 and possibly even down to 80.71 – depending on how he draws his Fibonacci lines. Resistance for DXY comes in at 81.94, the 7/23 close, and is followed by the 7/24 peak at 82.42.
Traders appear to be waiting for data flow to pick up – which will start Tuesday
Traders in the US Dollar pairs which influence the DXY will have much more data to digest late Monday night and throughout Tuesday. There will be potentially meaningful data coming from Japan, Australia, Germany, the EU and finishing up with the US later on Tuesday. Click here for a full rundown of the expected announcements.
Technical outlook for the DXY
Technicians say that where support comes in for this move in the DXY completely depends on how one draws the Fibonacci projection lines on the chart. Tim Thielen, CMT and author of The Sea Change Report, says that major “correction support” for the DXY can come in anywhere from 81.63 to 81.13 and possibly even down to 80.71 – depending on how he draws his Fibonacci lines. Resistance for DXY comes in at 81.94, the 7/23 close, and is followed by the 7/24 peak at 82.42.