Dollar Set Up for Short-Term Rally Following Reversal Bottom
The U.S. Dollar was able to mount a comeback after early
session weakness.A lower than expected
U.S. pending home sales report helped raise fears the Fed would once again
leave interest rates at historically low levels and fueled increased demand for
the Dollar as a safe-haven investment. Oversold conditions also contributed to
today‚Äôs rally. Today‚Äôs closing price reversal bottom indicates the start of a 2
- 3 day rally to 77.77 - 77.93.
The USD JPY fell sharply this morning following the release
of the weaker housing report which showed the number of contracts to buy
previously owned U.S.
homes fell in November more than analysts had estimated.Today‚Äôs close has this market in a position
breakout to the bearside of an uptrending Gann angle at .9103.This would signal the start of a possible
retracement to .8902.
The EUR USD weakened into the close as the Dollar picked up
strength.The bigger picture suggests a
move to 1.4680 is likely.Minor
resistance at 1.4503 could slow down the current upside momentum.The weakening Euro is setting up for a
pull-back to 1.4350 - 1.4319.
The main trend remains down in the GBP USD. Buyers tried to,
but failed to hold the British Pound in the retracement zone at 1.6036 to
1.5988. Concerns about the U.K.
economy and the upcoming election are putting pressure on the Cable.
The USD CHF showed weakness overnight, but New York session buying helped form a
closing price reversal bottom after an eleven day break. Based on the
short-term range, watch for a retracement to .1.0379 to 1.0409.The bigger picture suggests a break to 1.0212
- 1.0143 is possible following this short-term correction.
Rising gold and crude oil prices as well as firm equity
market helped to weaken the USD CAD.The
main trend is down with 1.0265 the next down side objective.A key retracement level at 1.0459 is the new
resistance.The weak close suggests a
possible rally to 1.0550 is in the works.
Strong demand for higher yields helped rally the AUD USD
overnight.This morning‚Äôs strength
helped drive the Aussie over a key retracement zone at .9144 to .9066.The intra-day strength in the Dollar brought
the Aussie back inside of this range and helped form a closing price reversal
top.Traders should watch for the start
of a 2 to 3 day break with a retracement to .8953 - .8902 likely.
The NZD USD is now in an uptrend, but finding
resistance at a pair of down trending angles at .7353 and .7375.Closing back below these angles will indicate
a profit-taking break is imminent.This
could set up a substantial correction to .7180 - .7131.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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