The USD is Steady

The USD Jumps as Stocks Get Crushed

Posted Tuesday, November 13, 2018 by
Rowan Crosby • 1 min read

The USD was a strong performer on a day that the volatility started to hit back hard.

The bounce we’ve seen appears to be wavering in equities as the tech stocks are again the ones causing the headaches. The FAANG stocks got hit hard with Apple having a rough day on some downgrades surrounding earnings.

Crude oil also fell, as it was the target of a Donald Trump tweet suggesting OPEC shouldn’t cut supply.

Overall the calendar was a little on the quiet side, with not all that much making news on a macro level. It was just a day that the market forces decided to get stuck in and generally it was US equities that bore the brunt.

 

The USD Outlook

The DXY is trading above the resistance level turned support at 97.00.

The next major level is 97.80, that falls just above where we closed. That isn’t a huge level and the upside buying could certainly continue through that point.

However, we really haven’t been able to get much by way of momentum so far and each push higher keeps getting met with selling.

DXY
DXY – 240 min.
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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.
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