Markets on Tuesday: USD Holds Up - Forex News by FX Leaders
The USD Held Up

Markets on Tuesday: USD Holds Up

Posted Monday, September 24, 2018 by
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.

DXY
DXY – 240 min.
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About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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