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The EUs antitrust regulator has approved Paramounts (PSKY.O) $110 billion acquisition of Warner Bros. Discovery (WBD.O).Iranian Parliament Speaker Qalibaf: If our region cannot sell oil, then no one can sell oil.Iranian President: The Iranian people will not succumb to threats. We have always emphasized the importance of diplomacy and advocated resolving differences through political means.On July 23, Wang Yi stated that China highly appreciates the Papua New Guinea governments announcement of the closure of the "Taipei Economic Office in Papua New Guinea." This is another key measure by the Papua New Guinea government to implement the one-China principle, following the closure of the "Trade Representative Office of Papua New Guinea in Taiwan." It is a completely correct move, in line with the fundamental interests of Papua New Guinea and its people, and will further consolidate the political foundation of China-Papua New Guinea relations, inject strong momentum into the comprehensive strategic partnership between the two countries, and also provide a model for other countries to correctly handle issues related to Taiwan institutions.On July 23, Wang Yi stated that under the strategic guidance of the two heads of state, China and Brazil have made positive progress in jointly building a community with a shared future for a more just world and a more sustainable planet. The comprehensive strategic partnership between the two countries has always been at the forefront globally, and it is necessary for both sides to maintain strategic communication, strengthen strategic coordination, and deepen strategic cooperation. China will continue to support Brazil in safeguarding its sovereignty, security, and development interests, and believes that Brazil will, as always, respect and support China in safeguarding its core interests. China is willing to work with Brazil to implement the important consensus reached by the two heads of state, strengthen cooperation in areas such as aerospace, connectivity, and artificial intelligence, and provide greater support for their respective development. China welcomes Brazils accession to the World Artificial Intelligence Cooperation Organization to safeguard common interests and deepen mutually beneficial cooperation in the new round of technological revolution. Vieira stated that the leaders of Brazil and China maintain close communication, build high mutual trust, and jointly lead bilateral relations to a high level. Exchanges between Brazil and China at all levels are frequent, and bilateral trade reached a new high last year. Brazil looks forward to working with China to further deepen cooperation in areas such as finance and trade, and strengthen collaboration on multilateral platforms such as the United Nations and BRICS.

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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