Gains Continue in the USD With a Trend Decision NearingPosted 11/21/2018 8:17AM CT |
On a negative note for the USD, the large amount of U.S. data today does not appear to have much conclusively positive news for the economy. Although, it does appear that the USD may gain some support from the gains in U.S. equities as well as a lift from holiday sales headlines. A limiting issue for the dollar to start today is the downshift in Italian budget concerns and fresh charges from the US administration of unfair Chinese trade practices. Resistance comes in at 9710 and 9735 while support hits at 9625 and 9570.
As indicated already, the euro is seeing some recovery action off a slight improvement in the Italian budget fears as an overnight compromise has removed that issue as a concern for the Euro Zone. However the Euro should remain under pressure from a stronger USD. The next area of resistance is around 1144900 and 1152900, while first support hits at 1133500 and 1130100.
U.S. Dollar Index Dec ’18 Daily Chart
Euro FX Dec ’19 Daily Chart