Markets on Tuesday: USD Holds Up
Rowan Crosby • 1 min read
Wall Street closed a little on the back foot. After making a record in the Dow recently it appears markets want to take a bit of a breather ahead of another push higher.
At the same time the USD is doing its best to stop the bleeding. Price has bounced a touch on Monday, but there is plenty of work to do.
Oil was a big mover and put in another big push higher, setting its sights on a break of $72 which is managed to achieve.
The EUR/USD tried to break out on the back of some positive Mario Draghi comments, but it couldn’t maintain that level.
While the GBP/USD was the top performer on more Brexit talk. While it tries to reclaim some of the losses it has put up recently.
The USD Outlook
The DXY is trading around the over/under support level at 94.00. The lows at the moment are at 93.80 and the target I have for the upside at the moment is 94.50.
That level would pull us back into the range and slow the downside bleeding for the moment.
If price can put in a higher low, that would give me some more confidence and ideally, that would be above the 94.00 level.