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DXY:USD INDEX Drops To Lowest Since August

DXY drops to test critical 97 the figure and confluence support area on dovish Powell at yesterday trading….Contrary to what was first presumed as a bullish outlook from Fed Chair Powell, USD sells off on dovish statement. The markets are shedding US dollars following the Federal Reserve interest rate decision and changes to the statement, but more-so on recent dovish comments made by Fed’s Chairman Powell. DXY has dropped to a low of 97.08 from a high of 97.60.

USD testing an important support level right now, where the market has bounced from previously.The USD has been heavy bearish going into the support, so just waiting to see how price reacts here.

A very large buy signal would be needed to give us confidence into buying off this level – but we prefer the break scenario, where we can looking for sell signals under the level on LHs.

 

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12 Dec 2019 3:52 pm Posted by admin