Talking Points:
- USDOLLAR Eyes October Low (10,354) as Bearish Trend Gathers Pace
- GBP/USD Holds February High; Bank of England (BoE) Minutes in Focus
- USD/CAD Correction Stalls Ahead of 61.8 Fibonacci Retracement (1.0850)
Index | Last | High | Low | Daily Change (%) | Daily Range (% of ATR) |
DJ-FXCM Dollar Index | 10412.68 | 10436.17 | 10403.23 | -0.16 | 87.84% |
USDOLLAR Daily
Chart - Created Using FXCM Marketscope 2.0
- October Low (10,354) at Risk Following Break Below 78.6 retracement
- Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
- Interim Support: 10,406 (1.618 expansion)
Join DailyFX on Demandto Cover Current U.S. dollar Trade Setups
Release | GMT | Expected | Actual |
Initial Jobless Claims (APR 5) | 12:30 | 320K | 300K |
Continuing Claims (MAR 29) | 12:30 | 2835K | 2776K |
Import Price Index (MoM) (MAR) | 12:30 | 0.2% | 0.6% |
Import Price Index (YoY) (MAR) | 12:30 | -0.6% | -0.6% |
Monthly Budget Statement (MAR) | 18:00 | -$36.0B |
Click Here for the DailyFX Calendar
The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains at risk of giving back the rebound from back in October (10,354) as the bearish trend in price & the Relative Strength Index (RSI) remains in place. However, in light of the positive data coming out of the U.S. economy, it looks as though the 1.618 percent Fibonacci expansion around 10,406 will hold up as soft support ahead of the U. of Michigan Confidence survey, and a marked rebound in household sentiment may generate a larger rebound going into the weekend should the data raise the outlook for growth and inflation.
Read More:
Price & Time: USD/JPY Flirting With Danger
AUD/USD, USD/JPY Taking Advantage of US Dollar Weakness
--- Written by David Song, Currency Analyst
To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.
To be added to David's e-mail distribution list, please follow this link.
Trade Alongsidethe DailyFX Team on DailyFX on Demand
Looking to use the DailyFX Trade Signals LIVE? Check out Mirror Trader.
New to FX? Watch this Video
Join us to discuss the outlook for the major currencies on the DailyFXForums
original source