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25 Nov 2013
DXY still in a bullish posture above 80.53
FXstreet.com (Barcelona) - The DXY took a bit of a fall over the second half of last week but still remains in an overall bullish technical posture as it hovers above important short-term support at 80.53.
DXY will have some important appetizers in terms of data prior to Thanksgiving in the US
The data flow that may have an impact on the DXY this week includes:
• Monday – ECB Governor Noyer speech; US Pending Home Sales; US Dallas Fed Manufacturing Survey
• Tuesday – Bank of japan Policy Meeting Minutes; US Case Schiller Home Prices; US Building Permits; US Housing Starts; US Consumer Confidence; US Richmond Fed Manufacturing Index
• Wednesday – German Consumer Confidence; British GDP; British Inflation Report Hearings; German 10-Year Bund Auction; British Distributive Trades Survey; US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; US University of Michigan Consumer Sentiment;
• Thursday – Japan Foreign Investment in Japanese Securities; Japan Retail Sales; Aussie New Home Sales; Aussie Private Capital Expenditures; German Unemployment; EuroZone Consumer Confidence; EuroZone Sentiment indicators; British Financial Stability Report; German Inflation Data
• Friday – Japan CPI; Japan Unemployment; Japan Household spending; Japan Industrial Production; British Consumer Confidence; Aussie Private Sector Credit; German Retail Sales; British Mortgage Approvals and Lending Data; EuroZone CPI; EuroZone Unemployment
Technical outlook for the DXY
Technicians are saying the DXY still looks higher technically despite last Thursday and Friday’s weakness. They have as an upside target of 83.45 with additional Fibonacci resistance at 83.94 above that. Support for the DXY comes in at this week’s low of 80.53. A break below that level would negate the bullish case and open up downside to the 10/3 low of 79.63.
DXY will have some important appetizers in terms of data prior to Thanksgiving in the US
The data flow that may have an impact on the DXY this week includes:
• Monday – ECB Governor Noyer speech; US Pending Home Sales; US Dallas Fed Manufacturing Survey
• Tuesday – Bank of japan Policy Meeting Minutes; US Case Schiller Home Prices; US Building Permits; US Housing Starts; US Consumer Confidence; US Richmond Fed Manufacturing Index
• Wednesday – German Consumer Confidence; British GDP; British Inflation Report Hearings; German 10-Year Bund Auction; British Distributive Trades Survey; US Durable Goods Orders; US Weekly Jobless Claims; US Chicago PMI; US Leading Indicators; US University of Michigan Consumer Sentiment;
• Thursday – Japan Foreign Investment in Japanese Securities; Japan Retail Sales; Aussie New Home Sales; Aussie Private Capital Expenditures; German Unemployment; EuroZone Consumer Confidence; EuroZone Sentiment indicators; British Financial Stability Report; German Inflation Data
• Friday – Japan CPI; Japan Unemployment; Japan Household spending; Japan Industrial Production; British Consumer Confidence; Aussie Private Sector Credit; German Retail Sales; British Mortgage Approvals and Lending Data; EuroZone CPI; EuroZone Unemployment
Technical outlook for the DXY
Technicians are saying the DXY still looks higher technically despite last Thursday and Friday’s weakness. They have as an upside target of 83.45 with additional Fibonacci resistance at 83.94 above that. Support for the DXY comes in at this week’s low of 80.53. A break below that level would negate the bullish case and open up downside to the 10/3 low of 79.63.