U.S. Dollar Index Future ( ZX1! ), H1 Potential For Bearish Continuation
Type:
Bearish Continuation
Key Levels:
Resistance: 103.295
Pivot: 103.125
Support: 102.965
Preferred Case:
With price moving below the ichimoku cloud, we have a bearish bias that price will drop to our suport in line with the horizontal swing low support from our pivot in line with the horizontal swing high support and 38.2% Fibonacci retracement.
Alternative scenario:
Alternatively, price may break pivot structure and head for 1st resistance in line with the overlap resistance and 50% Fibonacci retracement.
Fundamentals:
Fed’s George stated that 50bps hikes are comfortable but would need to see unusual circumstances to support more significant rate increases. Fellow member Kashkari and US Treasury Secretary touched on the possibilities of a soft landing.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.