USD PRICE OUTLOOK: US DOLLAR OSCILLATIONS YIELDS DXY INDEX TRADING RANGEUSD value motion continues to gyrate inside the confines
USD PRICE OUTLOOK: US DOLLAR OSCILLATIONS YIELDS DXY INDEX TRADING RANGE
- USD value motion continues to gyrate inside the confines of two main technical limitations
- The US Greenback and DXY Index may stay broadly rangebound as markets drift sideways
- US Greenback bears nonetheless appear in management however surging Treasury yields would possibly help the USD
USD value motion has been pretty energetic over current buying and selling periods as indicated by measures of realized forex volatility. It seems that the US Greenback largely lacks course, nevertheless, judging by the horizontal development beneath improvement. This corresponds with the DXY Index ping-ponging backwards and forwards between key technical help and resistance ranges.
DXY INDEX – US DOLLAR PRICE CHART: 4-HOUR TIME FRAME (08 JUL TO 13 AUG 2020)
The broad US Greenback Index is at the moment fluctuating close to the mid-point of its buying and selling vary shaped since 27 July. This broad buying and selling vary is roughly outlined by the 92.50 and 93.90 value ranges, which is able to look to function technical limitations with potential of preserving USD value motion comparatively contained shifting ahead. The US Greenback additionally appears to be coiling between a short-term rising trendline set to conflict with a falling medium-term trendline.
USD PRICE OUTLOOK – US DOLLAR IMPLIED VOLATILITY TRADING RANGES (OVERNIGHT)
Putting concentrate on potential basic catalysts that will carry sufficient credence to weigh materially on the US Greenback’s course brings our consideration to the DailyFX Financial Calendar. Excessive-impact occasion danger is scheduled for Friday’s buying and selling session with month-to-month information releases anticipated on US retail gross sales and shopper sentiment. One other doable driver of USD value motion might embrace surging Treasury yields.
Maintain Studying: EUR/USD Builds a Vary – Chart Ranges Eyed
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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