The USD Is Up as Stocks Get Another Hit
Rowan Crosby • 1 min read
The USD has jumped higher overnight even against a backdrop of some significant selling.
Everything is getting sold down at the moment to the point I’m not sure even where to start.
The SPX was down again and we are certainly not seeing any dip buyers in equities at the moment. Oil was off another 5%+ move as supply concerns appear to not be all that much of a worry right now.
Then there’s Bitcoin, which has been hammered and is now looking like it wants to test $3,000.
Despite the selling, bond yields didn’t dip too much while gold held relatively steady. Risk-off is the order of the day and that might continue into the last full trading day for US traders.
The USD Outlook
The DXY is now back at the resistance level of 97.00 after we just didn’t have the follow-through momentum to crack the downside.
96.00-20 remains the key support target to the downside.
While to the upside 97.70-80 is my overhead resistance.
Again with the quiet end to the week, this might be the last big push. But time will tell.