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On September 7th, Iranian Foreign Ministry spokesman Bagaei stated that negotiations between Iran and Oman to demarcate a safe maritime passage through the Strait of Hormuz have made significant and substantial progress. Despite attempts by some third-party forces to obstruct and interfere, hindering the negotiations several times, the consultations between the two countries have now entered the final stage. On August 25th, Iran and Oman issued a joint statement announcing plans to establish a mutually agreed-upon safe maritime passage through the Strait of Hormuz.On September 7th, according to the Shanghai Institute of Optics and Fine Mechanics (SIOM), Chinese Academy of Sciences, the research team led by Professor Xie Peng of the Aerospace Laser Technology and Systems Department at SIOM has recently made progress in the field of multidimensional multiplexed optical computing. The relevant results were published in Laser & Photonics Reviews. Building upon the research on the "Meteor-1" ultra-high parallel optical computing integrated chip, the research team further expanded the integration of wavelength division multiplexing and space division multiplexing, as well as the sharing of multi-task matrix networks, constructing a multidimensional multiplexed optical computing architecture. This architecture enables parallel processing of multi-task and multi-modal information, verifying its feasibility in remote sensing image registration and recognition tasks.September 7th - The new generation Huawei MatePad Air was officially released on September 7th. Weighing 509g and 5.3mm thick, its the first MatePad Air series to feature an OLED screen, boasting a super-bright OLED Cloud Clear Soft Light Display with a peak brightness of up to 2000 nits. It supports 66W SuperCharge and a stylus, and is available in five colors. The Enjoy Edition starts at 4499 yuan, and the standard version starts at 5299 yuan.Jaguar Land Rover CEO: We will lay off approximately 4,000 employees globally over the next two years.On September 7th, it was reported that the US military launched attacks on multiple locations in southern Iran on September 1st, affecting a wedding event in Hormozgan province and causing numerous casualties. According to a report by the Washington Post on September 6th, the incident may have been caused by a US bomb that missed its target. A US official stated that the US airstrikes targeted a communications facility in the area. Sources indicated that a small communications tower within the facility was located in a civilian area, only about 134 meters from the wedding site. US warplanes dropped six bombs on the tower, one of which appears to have missed its target. The report also stated that US officials are simultaneously assessing other possible causes of the wedding attack, including the possibility of a falling anti-aircraft missile, but sources and weapons experts consider this highly unlikely.

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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