DXY Macro View 11/02 - Trend continuation?
Factory Orders m/m declined 0.6% despite consensus expectation for modest increase.
ISM Non-Manufacturing PMI dropped to 56.7, economy is growing at a slower pace.
Trade Balance deficit narrowed in November on falling imports on petroleum products, which fell $2.9 billion on weaker volumes and lower oil prices.
President Trump indicated that there will be no meeting with China's President Xi before the early March deadline.
DXY Past week break out of the down trend line and turn bullish for the whole week till it reaches a resistant of 96.70 levels. Overall suggestion upcoming week might be looking at a break out of resistance level to 97.70 levels progression, of a bounce off to 96.00 levels progression.
Indicators:
Parabolic SAR – Bullish
MACD – Turning to Bearish
Stochastic – Moving towards overbought
Overall - 2/3 - Bullish
Disclaimer:
Any opinions, news, research, analyses, prices or other information contained in this content is provided as general market commentary and does not constitute investment advice. ForexBriefcase will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
ISM Non-Manufacturing PMI dropped to 56.7, economy is growing at a slower pace.
Trade Balance deficit narrowed in November on falling imports on petroleum products, which fell $2.9 billion on weaker volumes and lower oil prices.
President Trump indicated that there will be no meeting with China's President Xi before the early March deadline.
DXY Past week break out of the down trend line and turn bullish for the whole week till it reaches a resistant of 96.70 levels. Overall suggestion upcoming week might be looking at a break out of resistance level to 97.70 levels progression, of a bounce off to 96.00 levels progression.
Indicators:
Parabolic SAR – Bullish
MACD – Turning to Bearish
Stochastic – Moving towards overbought
Overall - 2/3 - Bullish
Disclaimer:
Any opinions, news, research, analyses, prices or other information contained in this content is provided as general market commentary and does not constitute investment advice. ForexBriefcase will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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