DXY, working into a wedge
Markets will be hanging on the lips of the Fed on Wednesday and I expect another weak NFP's report on Friday. The DXY can go either way from here but I'm keeping an eye on the US 10 year yield. If it fails to hold its current channel I'll be getting my dollar shorts ready before another set of weak NFP's data on Friday.
A failed break above 94.440 will see the DXY fall back onto the 50-day MA of 93.360. Looking further into November we could see the DXY moving lower towards the 200-day MA at 91.960 if the Fed's supposed taper falls through the roof.
Technically however the RSI still has room to climb before the dollar enters overbought territory, along with the golden cross, which is dollar positive.
A failed break above 94.440 will see the DXY fall back onto the 50-day MA of 93.360. Looking further into November we could see the DXY moving lower towards the 200-day MA at 91.960 if the Fed's supposed taper falls through the roof.
Technically however the RSI still has room to climb before the dollar enters overbought territory, along with the golden cross, which is dollar positive.
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