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February 25th - The draft law on national fire and rescue personnel was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. The draft law consists of 7 chapters and 47 articles, regulating the management of national fire and rescue personnel, clarifying recruitment and exit systems, and protecting the legitimate rights and interests of national fire and rescue personnel, specifying funding guarantees and salary benefits.February 25 – Foreign Ministry Spokesperson Mao Ning held a regular press conference on February 25. A reporter from RIA Novosti asked, “US Republican Senator Ted Cruz said on Tuesday that the governments of Venezuela, Cuba, and Iran could be replaced by pro-US regimes within the next six months. Given China’s close relations with these three countries, what is China’s comment on this?” Mao Ning stated that China opposes interference in other countries’ internal affairs under any pretext and opposes any actions that violate the purposes and principles of the UN Charter or infringe upon the sovereignty of other countries.February 25 – On February 25, Foreign Ministry Spokesperson Mao Ning hosted a regular press conference. A reporter from the German Press Agency (dpa) asked: Before departing for Beijing, German Chancellor Merz outlined five guidelines for his trip to China. Unlike the previous government, Merz did not refer to China as a "systemic rival," a term previously included in the previous governments so-called "China strategy." What is Chinas comment on this? Mao Ning stated that China and Germany are comprehensive strategic partners, having accumulated successful practices in healthy competition and integrated development. Sino-German cooperation is mutually beneficial, bringing tangible benefits to the people of both countries. Both sides should uphold the principles of mutual respect, equality, and win-win cooperation to promote greater development of Sino-German relations and jointly make greater contributions to world peace and prosperity.February 25th - The draft amendment to the Certified Public Accountants Law was submitted to the Standing Committee of the National Peoples Congress for its first review on February 25th. This amendment further regulates professional conduct, improves regulatory measures, and strengthens accountability.According to the latest data from the Fujairah Oil Industrial Zone in the UAE, as of the week ending February 23, total refined product inventories at the port of Fujairah were 20.528 million barrels, a decrease of 19,000 barrels (0.1%) from the previous week, marking the third decline in four weeks. Specifically, light distillate fuel oil inventories decreased by 148,000 barrels to 9.737 million barrels, falling from the six-month high reached the previous week; middle distillate fuel oil inventories decreased by 106,000 barrels to 2.921 million barrels, a three-week low; and heavy residual fuel oil inventories increased by 239,000 barrels to 7.87 million barrels, the first increase in four weeks.

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.

 

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