FxWirePro: sell US Dollar index on rallies
Source: FxWire Pro - Technicals / 09 Oct 2019 18:50:08 Europe/London
Major resistance- 99.40
US Dollar has taken support near 21- day MA and shown a recovery of more than 50 pips. Fed Chairman said in a speech yesterday that the central bank is open for another rate cut later this month. According to the CME Fed watch monitor tool, the probability of a 25 bps rate cut has increased from 77% a week ago to 83.9% and the chance of keeping rates on hold declined to 16.1% from 23%. It hits a high of 99.25 and is currently trading around 99.12.
On the flip side, near term support is around 98.60 and minor weakness below that level. Any violation below targets 98.20/98.
The near term major resistance is around 99.40 and bullish continuation only above this level, jump till 100/100.35.
It is good to sell on rallies around 99.15-20 with SL around 99.50 for the TP of 98.60/98.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.