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On February 20th, Tesla (TSLA.O) launched a more affordable Cybertruck model in the US, priced at $59,990. This model features a dual-motor all-wheel-drive system and is the companys most affordable Cybertruck to date. According to pricing information on the electric vehicle manufacturers website, the company also lowered the price of its most expensive Cybertruck model, the "Cyberbeast," from $114,990 to $99,990. With the price reduction, Tesla appears to be discontinuing the luxury package that includes "Supervised Full Self-Driving" and free access to the Supercharger network for this model.The yield on Japans 40-year government bonds fell 3.5 basis points to 3.540%.The yield on Japans 30-year government bonds fell 3.0 basis points to 3.300%.February 20th, Futures News: Economies.com analysts latest view: WTI crude oil futures prices have slightly declined, a natural profit-taking move after the previous rally. Prices appear to be regrouping and rebuilding bullish momentum that could support the uptrend. This limited decline represents a healthy correction rather than structural weakness, but rather a temporary cooling of momentum. Meanwhile, prices are attempting to sell some overbought conditions via the Relative Strength Index (RSI), especially in the presence of negative signals, but trading above the EMA50 continues to provide key dynamic support for the main bullish trend in the short term.February 20th - According to the Wall Street Journal, European Central Bank President Christine Lagarde stated that she expects her term as ECB president to continue until the end. This comes amid speculation that she might resign early to allow the French government to assist in selecting a successor before next years general election. In an interview, she said, "Looking back over the years, I think weve accomplished a lot, and Ive accomplished a lot. We need to consolidate those achievements and ensure that everything is truly solid and reliable. Therefore, my basic expectation is that this will continue until the end of my term." Lagarde stated that she believes her responsibility lies in maintaining price and financial stability, while also "protecting the euro and ensuring it is solid, strong, and adaptable to Europes future." Furthermore, Lagarde indicated that the World Economic Forum would be one of "many options" she is considering once she leaves the central bank.

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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