Wed, Oct 05, 2022 @ 15:52 GMT
HomeContributorsTechnical AnalysisUS Dollar Index Moving into Technical Resistance Ahead of US CPI Data

US Dollar Index Moving into Technical Resistance Ahead of US CPI Data

USD came higher yesterday vs the EUR as European Central Bank President (ECB) Christine Lagarde was not clear enough about the upcoming rate if maybe they will stick to 25bp or can this hike be more than that in upcoming meetings. She was not that hawkish, so the euro came down a lot, while USD rallied across the board, supported also by a lower stock market. However, we still think that USD Index can be moving into resistance now and that this is wave B rally. A new turndown can be coming, possibly after the US inflation data later at 12:30GMT as a catalyst. Break below 102.00 will be confirmation for bears. A drop of the USD would be very supportive for commodity currencies.

Elliott Wave Financial Service
Elliott Wave Financial Service
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