FOREX: USD(BBDXY) - Challenging 1205-1207 Ignoring Risk Backdrop, Can It Break?
The BBDXY has had a range today of 1205.20 - 1207.19 in the Asia-Pac session; it is currently trading around 1206, +0.12%. The US Dollar is having another crack at challenging the pivotal 1205-1207 area. It failed at the second time of asking overnight but this price action continues to catch the eye as risk trades firmly on the front foot. The US Dollar continues to lag and diverge from the rebound seen in the broader market. A sustained break back above the 1205-1207 area would have me thinking we could potentially see the USD turn higher again. Something I would have previously thought would have been a tough ask while US equities and broader risk continues to build on their rebound. While the market works through how it wants to proceed, I suspect we could continue to see a range of 1197-1207 play out. * EUR/USD - Asian range 1.1426-1.1450, Asia is currently trading 1.1430, -0.17%. The pair continues to struggle anywhere back toward the 1.1500 area, pretty telling price action. I have been skewed in favour of fading this rally in the EUR, with this weekly 1.1600 area pivotal for me. Can the US Dollar continue to ignore the surge in risk? It needs to break higher for this move l
12%. The US Dollar is having another crack at challenging the pivotal 1205-1207 area. It failed at the second time of asking overnight but this price action continues to catch the eye as risk trades firmly on the front foot. The US Dollar continues to lag and diverge from the rebound seen in the broader market.
A sustained break back above the 1205-1207 area would have me thinking we could potentially see the USD turn higher again. Something I would have previously thought would have been a tough ask while US equities and broader risk continues to build on their rebound. While the market works through how it wants to proceed, I suspect we could continue to see a range of 1197-1207 play out. 17%.
1500 area, pretty telling price action. 1600 area pivotal for me. Can the US Dollar continue to ignore the surge in risk? It needs to break higher for this move lower in the EUR to gain momentum from here.
1700 where you are wrong. The price action is now turning decidedly bearish and I suspect rallies are now likely to be faded short-term. 1600 area comes back into play. 20%.
3450 area. 3650 range. 3500 to now turn into resistance at the first time of asking. * Data: France Sept.
HCOB PMIs, Germany Sept. HCOB PMIs, Eurozone Sept. PMIs, UK S&P Global/CIPS Aug. PMIs, US MBA Mortgage Applications, US S&P Global Sept.
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