Talking Points
Index | Last | High | Low | Daily Change (%) | Daily Range (% of ATR) |
DJ-FXCM Dollar Index | 10592.22 | 10594.72 | 10557.15 | 0.32 | 131.22% |
- EUR/USD outlook turning increasingly bearish as it fails to hold above 1.3330; descending triangle continues to favor downside targets.
- Will look for the Relative Strength Index (RSI) to push back into oversold territory for confirmation/conviction.
- The DailyFX Speculative Sentiment Index (SSI) ratio suggests retail crowd is buying into the decline as the ratio climbs to +2.00.
- Bullish RSI momentum favors topside objectives; has failed to close above 102.80-90 since April.
- Need a break & close above this key region to favor a further advance in the USD/JPY.
- May see the USD/JPY attempt to carve a higher-high after marking a higher-low at 101.50.
Chart - Created Using FXCM Marketscope 2.0
- Dow Jones-FXCM U.S. Dollar Index rallies to a fresh monthly high of 10,591 as U.S. Housing Starts & Building Permits top market expectations.
- Need a close above the 10,590 pivot given the previous failed attempts to see a further advance ahead of the Federal Open Market Committee (FOMC) Minutes.
- Will look for a greater rift going forward as Philadelphia Fed President Charles Plosser dissents in August.
- Interim Resistance: 10,602 (38.2% retracement) to 10,615 (78.6% expansion)
- Interim Support: 10,440 (78.6% retracement) to 10,450 Pivot
Release | GMT | Expected | Actual |
Consumer Price Index (MoM) (JUL) | 12:30 | 0.1% | 0.1% |
Consumer Price Index Ex Food & Energy (MoM) (JUL) | 12:30 | 0.2% | 0.1% |
Consumer Price Index (YoY) (JUL) | 12:30 | 2.0% | 2.0% |
Consumer Price Index Ex Food & Energy (YoY) (JUL) | 12:30 | 1.9% | 1.9% |
Consumer Price Index Core Index s.a. (JUL) | 12:30 | 238.520 | 238.311 |
Consumer Price Index n.s.a. (JUL) | 12:30 | 238.316 | 238.250 |
Housing Starts (JUL) | 12:30 | 965K | 1093K |
Housing Starts (MoM) (JUL) | 12:30 | 8.1% | 15.7% |
Building Permits (JUL) | 12:30 | 1000K | 1052K |
Building Permits (MoM) (JUL) | 12:30 | 2.8% | 8.1% |
--- Written by David Song, Currency Analyst
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or
remove ads
.