Pivot Point in US DollarPosted 07/23/2018 10:02AM CT |
The US dollar is holding the consolidation low of 94.00 in the early morning with strength being undermined by President Trump’s comments last week that a stronger dollar ‘takes away our competitive edge’ in the world markets and the Fed’s Bullard noting recessionary signals from a flattening and potentially inverted yield curve. Further weakness could be observed from a lack of perceived trade negotiations at the G 20. However, the dollar should find support at the 94.00 level today, especially if US corporate earnings continue to exceed expectations with tech giant Alphabet reporting after the close. Momentum is trending lower with the next downside target seen at 93.45 and resistance seen at 94.69.
U.S. Dollar Sep ’18 Daily Chart