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28 Jan 2015
DXY: Better offers at higher levels? - FXA
FXStreet (Bali) - David Solin, Founder at FXA, notes that there are some early tentative signs of heavier pressure on the USD index going forward, adding that he would not be surprised to start seeing better offers at higher levels, and as the larger upside momentum starts to slow.
Key Quotes
"At this point the upside pattern from at least the Jan 15th low at 91.50 is still not "complete" (currently within wave 4), and along with positive technicals (see buy mode on the daily macd at bottom of chart below), continues to argue further upside (within wave 5)."
"With the market overbought after the rally from the Dec 16th low at 87.60 (and the even larger surge from the May low at 78.90) and nearing long term resistance at 95.75/25, would not be surprised to start seeing better offers at higher levels, and as the larger upside momentum starts to slow."
"Nearby support is seen at 93.65/75 and the base of the bull channel from Dec (currently at 92.75/85). Bottom line: Still no confirmation of even a shorter term top, but may start to see better offers on further highs."
Key Quotes
"At this point the upside pattern from at least the Jan 15th low at 91.50 is still not "complete" (currently within wave 4), and along with positive technicals (see buy mode on the daily macd at bottom of chart below), continues to argue further upside (within wave 5)."
"With the market overbought after the rally from the Dec 16th low at 87.60 (and the even larger surge from the May low at 78.90) and nearing long term resistance at 95.75/25, would not be surprised to start seeing better offers at higher levels, and as the larger upside momentum starts to slow."
"Nearby support is seen at 93.65/75 and the base of the bull channel from Dec (currently at 92.75/85). Bottom line: Still no confirmation of even a shorter term top, but may start to see better offers on further highs."