DXY: Consolidation likely intra-day – OCBC
US Dollar slips modestly after ISM services data underwhelmed expectations. The Dollar Index (DXY) was last at 106.15, OCBC’s FX analysts Frances Cheung and Christopher Wong notes.
Daily momentum is mild bearish
“Focus is still on labour market related data, initial jobless claims tonight and more importantly, payrolls tomorrow. There is a good chance Nov NFP rebounds sharply after hurricanes and major strikes have likely distorted Oct NFP. Consensus is looking for +215k print. We caution that a lower print could see USD bears return.”
“Daily momentum is mild bearish though RSI is flat. Consolidation likely intra-day. Key support at 106.20 (21 DMA) if broken may see bearish momentum gather traction. Next support at 105.40 levels (38.2% fibo), 104.00/40 (50, 200 DMAs). Resistance at 106.50, 107.20.”
Related Articles
Worried About a Recession? 1 Healthcare Dividend Stock That Has Thrived In Every Market Crash
TradingKey - One of those sectors is healthcare and one of the biggest healthcare companies around is Johnson & Johnson (NYSE: JNJ), a company that also pays a decent dividend to shareholders.
Why Was Solana Chosen for the U.S. Cryptocurrency Strategic Reserve? What Is SOL's Future Outlook?
This article explores Solana's technical strengths, use cases, market performance, and future trends to provide a comprehensive understand SOL's potential and investment opportunities.
1 Defensive Dividend Stock to Buy With Plenty of Fizz in a Volatile Market
TradingKey - If you’re feeling uneasy about the recent market turbulence, you’re not alone. Wall Street markets have cratered and are now currently in correction territory. Uncertainty is running high and it’s easy to see this selling getting worse before it gets better.
An Overview of U.S. Government Shutdowns: Causes and Consequences
TradingKey - A government shutdown is a uniquely American political event. After former President Donald Trump orchestrated the longest and most costly government shutdown in history during his first term, the risk of another shutdown has resurfaced at the start of his second term.
Adobe Q1 2025 Earnings Review: Core Business Resilient, but AI Integration Path Needs Clarification
TradingKey - Adobe's Q1 results confirmed the resilience of its core business, but Investors expect Adobe to clarify its long-term path of AI Integration. The market is worried that AI tools(such as Canva and MidJourney) are weakening Adobe's pricing power. It is recommended that investors should...