EUR/USD 1.15678
0.343%
Gold 4376.09
0.578%
Oil 81.485
1.319%
USD/JPY 159.356
-0.090%
GBP/USD 1.35343
0.362%
GBP/JPY 215.682
0.268%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On August 15th, Iranian Foreign Minister Araqchi stated in a media interview on August 14th that while mediators Qatar and Pakistan are exchanging information and maintaining contact with Iran, this does not signify ongoing negotiations. Iran has not yet decided whether to resume negotiations with the United States. Araqchi also stated that negotiations between Iran and Oman are ongoing and relate to determining the navigation routes through the Strait of Hormuz for ship passage; this is a completely different issue from the opening of the Strait of Hormuz. Araqchi emphasized that Iran will only restore passage through the Strait of Hormuz if the United States complies with certain conditions.August 15th - According to real-time data from Lighthouse Pro, as of 12:22 PM on August 15th, the film "Welcome to Dragon Restaurant" has surpassed 600 million yuan at the box office.August 15th - According to the New York Times, supply problems for the USS Abraham Lincoln aircraft carrier began shortly after the first day of the war – when Iranian missiles and attack drones struck a US Navy base in Bahrain. This attack was Iranian retaliation for the US-Israel joint attack on Tehran, and much of the bases infrastructure was destroyed. Along with the smoke, a major logistics hub upon which the Navy relied was also destroyed. The Navy urgently needed backup plans to continue supplying sailors operating around the clock to maintain air support and, later, to maintain the blockade of Iranian ports. The loss of the Bahrain logistics hub led to numerous problem reports on the carrier supporting the war effort against Iran, and Democratic senators expressed concern about the 5,000 sailors on the Lincoln and its nearly nine-month deployment.August 15th - According to Politico, President Trumps demands on the Navy reached their peak this month, threatening to further weaken an already heavily financially and logistically burdened branch of the military. Trumps deployment of the USS Abraham Lincoln aircraft carrier has set a record, with the ship having been at sea for nine consecutive months, and sailors families warning that the crew is nearing its limit. A government report indicates that Trumps proposed "golden fleet" of new battleships will cost billions of dollars more than expected. Meanwhile, experts have criticized the presidents order to reinstate outdated technology, a move that could completely disrupt ship production. These problems are now compounding, significantly increasing the pressure on the U.S. Navy. The Navy itself is chronically plagued by delays, cost overruns, and a shrinking fleet, all of which could jeopardize its ability to defend the nation. One U.S. official said, "Our warships are exhausted in the Middle East and the Caribbean, with no end in sight. The Navy is really on the line right now."Iranian Foreign Minister: Iran has not yet decided to resume negotiations with the United States.

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

Our economic calendar contains a complete listing of today's economic happenings.

Suggestion