Dollar Index Looks To Break Below 100: Time for a Short?
2023.07.18 06:22
Markets have not moved much since yesterday, not even after RBA minutes which showed that they are prepared to go further with a hawkish policy to reduce inflation, but also they are concerned about China’s slowdown. Aussie was one of the weakest lately compared to other major currencies, like NOK , or even , but this one can still find some buyers if the will come down. Looking at DXY, we see it in a downtrend while other assets are in an uptrend as you can see on the overlay chart below.
There are only some pullbacks going on right now, which can be completed on plenty of assets as soon as DXY breaks lower toward the 99.00. We already see fourth wave acting down from the first 100-100.20 resistance. Also, watch metals, I think they can break to new intraday highs soon.
Also, if you want to check more detailed analysis about FX, GOLD and some other assets check our latest video below
Grega
