Is the US$ losing the battle? The DXY has slipped back below the contested 10-yr support trend line and the failure to hold to see out the month is obviously bearish. This US$ weakness has helped to underpin the open trend line breakout trades. News has just filtered through that the vote on the US […]
US$ weakness remains as the DXY struggles at the resistance from the top of the daily Cloud. This has helped to develop the trend line breakouts that triggered yesterday. Stocks are weak ahead of today’s first US Presidential debate.
The US$ rally paused last session giving some FX pairs a reprieve but stocks closed higher for no obvious reason. This to and fro with risk sentiment means traders need to remain nimble. Momentum is low on many instruments, reflecting the broader indecision, so watch for any new momentum-based trend line breakouts.
The US$ has kept marching higher and this is having a predictable impact on some Forex pairs and Gold. US stocks are lower and I had warned on the weekend that this chop might continue. I note this quote from CNBC: “Investors are being whipsawed by conflicting COVID headlines and the growth vs. cyclical debate,” said […]
There have been messy and low momentum moves for the most part across many trading instruments with the exception of that on the USD/JPY. The US$ index remains range-bound and the FX Indices remain divergent so I’m not all that surprised. Patience is needed until there are better conditions for catching momentum-based trend line breakout […]