USDX Breakdown Ahead of The FOMC | Indices
Today’s focus: USD Index
Pattern – Nill
Support – 105.00 – 104.45
Resistance – 105.10 – 105.55
Thanks for checking out today’s update. Today, we look at the progress of the USD Index, breaking down the overall price picture, levels, and patterns and incorporating moving average and RSI into the analysis.
The USD Index sits in an interesting spot with the FOMC to come. The price still sits in its uptrend, and we saw a nice fightback yesterday from buyers after sellers were once again rejected below 105. The price also looks to be losing some upward momentum, and the RSI is also warning us of this, with divergence forming on the RSI.
A lot could come down to the FOMC. If we see a hawkish tone, could we see a new move by buyers to test the 105.55 resistance? On the other hand, if it is more to the doveish side, the momentum warnings could come true, and we may see a new test lower by sellers.
Sorry that today’s update is a touch this way or that way, but it looks like the market is waiting for some direction in the short term.
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Have a great day and good trading.
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