The USD is Steady

Wall Street Rebounds While the USD Remains Flat

Posted Friday, October 26, 2018 by
Rowan Crosby • 1 min read

After all the doom and gloom, Wall Street bounced back overnight to post solid gains across the board. At the same time, the USD was little changed on the day.

Stocks markets rallied nicely with the major indices all higher. However, the real fireworks might just be beginning. News after the close saw an earnings miss for both Amazon and Google, two of the biggest FANNG players.

It was tech that lead the charge yesterday and thanks to the after-hours weakness, we might just get a sharp reversal. ES futures have already wiped out most of the gains.

Asian markets opened higher but are grinding back lower on the session so far. Tech is weak thanks to the overnight lead once again.

 

The USD Outlook

The DXY looks to be holding the resistance level turned support at 96.20. There wasn’t much range yesterday and the USD held strong for the most part.

I like to think that time confirms price so it is good to trade above that level and not retrace.

97.00 now appears the upside target headed into tonights US GDP data.

DXY
DXY – 240 min.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby is our 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.
Related Articles
eToro announces a significant cut in spreads on cryptoassets to increase awareness of the potential of crypto and blockchain more broadly
SPONSORED
Comments

Leave a Reply

avatar
  Subscribe  
Notify of