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Dollar Index Still Bullish Towards 107-108

Elena by Elena
28/09/2023
in USD, News
Is US $a dollar
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Dollar Index continues to remain bullish towards 107-108. Euro, Pound and EURJPY look bearish for a fall towards 1.0450-1.04, 1.21/20 and 156 respectively. USDJPY can move up towards 150-152 before pausing the rally. Aussie can fall to 0.63 while below 0.6450. USDCNY can rise slowly towards 7.35 while USDRUB can move up within 94-98 range. EURINR may test 87-86 if it continues trade below 88 in the near term. USDINR could continue moving higher towards resistance at 83.30; if breaks can bring in 83.50 into the picture.

The US Treasury yields have risen sharply and have room to rise further. The US PCE data release tomorrow will be important to watch and that can impact the yield movement. The German yields continue to move up in line with our expectation and can rise further. The 10Yr and 5Yr GoI continue to remain stuck inside their range. Immediate outlook is mixed, and the range can remain intact for some more time.

Dow Jones tested 33300 as expected and has bounced back from there. Nifty needs a strong break above 19800 to bring back the bullishness. DAX is coming closer to a key support level of 15150. Nikkei to remain bearish for the nerm term. Shanghai is to be range bound within 3075-3150.

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Brent and WTI have risen sharply above $95 and $94 respectively after the EIA report that US crude stocks fell by 2.2 million barrels last week to 416.3 million barrels thereby adding woes to tight global supply.

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Gold has declined sharply breaking below the support at 1900 and looks vulnerable to fall further from here. Silver is near its key support at 22.50/40. Need to see if that holds or not. Copper remains bearish for the near term. Natural gas lacks momentum to rise above 2.95 and is likely to trade within 2.95-2.80 for a while.

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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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