|Day's Range||99.04 - 99.21|
|52 Week Range||95.74 - 99.67|
A failure to make a new high, a higher-high, lower close or a break through Friday’s low at 98.875 will change the chart pattern. This will also signal that the selling is starting to become stronger, or the buying weaker.
It’s a busy day ahead on the economic calendar as the markets digest the latest COVID-19 numbers. The EUR and the USD will be in the spotlight.
Updates from China and beyond on the coronavirus continue to grip as central banks and governments attempt to downplay longer-term impact.
A spike in coronavirus deaths in China on Wednesday tests the market resolve early on. A light economic indicator will leave the news wires in focus.
The sentiment pendulum swung deeper into “risk-on” territory on Wednesday with Asian shares marching higher, as investors assessed the coronavirus outbreak against speculation around central bank’s loosening monetary policy
Based on yesterday’s price action, the direction of the March U.S. Dollar index on Wednesday is likely to be determined by trader reaction to yesterday’s low at 98.585.
The Kiwi Dollar is on the move early as the RBNZ talks up the economy and downplays the likely effects of the coronavirus. Stats and Powell are in focus later.
The Dollar index (DXY) gained about 1.3 percent during the first trading week of February, and could advance towards the 99.0 psychological level this month if demand for the Greenback is raised another notch.
Monday’s price action and the current price at 98.725 likely means the direction of the index on Tuesday will be determined by trader reaction to yesterday’s high at 98.770. The upside momentum is strong so we’d like to see the trend confirmed by a new higher-high.
The Aussie Dollar got an early boost, courtesy of impressive inflation numbers out of China. It’s a quiet day ahead on the calendar, however.
Given the prolonged move up in terms of price and time and the strong momentum into the close on Friday, the direction of the March U.S. Dollar Index on Monday is likely to be determined by trader reaction to Friday’s close at 98.571.
Based on the early price action and the current price at 98.375, the direction of the March U.S. Dollar Index the rest of the session on Friday is likely to be determined by trader reaction to the downtrending Gann angle at 98.390.
It’s a busy day ahead. China’s trade data and German industrial production numbers will be in focus ahead of U.S stats later in the day.
It’s been quite a week for the majors. While the spread of the coronavirus continued, economic data out of the U.S impressed. it’s not over yet though…
Based on the early price action and the current price at 98.180, the direction of the March U.S. Dollar Index the rest of the session on Thursday is likely to be determined by trader reaction to the long-term downtrending Gann angle at 98.050.
In breaking news and of little surprise to anyone, the US senate has acquitted President Trump on impeachment change, but the markets don’t care.