Yesterday, housing data and weekly jobless claims had some positive impact on USD, but then stocks turned up during US session which kept USD sideways with US yields still testing resistance. However, stocks are looking bullish short-term so I assume that DXY may not be far away from the potential resistance, especially if stocks will also finish the week higher, which normally means a risk-on continuation for Monday. Looking at the DXY hourly time frame, there can be ongoing wave C, final leg of a correction, but subwaves are showing room for one more push higher, to around 104-104.30 area. So ideally, there will be a new turn lower next week, when other currencies, such as EUR, CAD, NZD can find new buyers.
Looking at todays calendar, we have ECB President Lagarde speaking in less than an hour, then CAD retail sales, US consumer sentiment, and Existing home sales.
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US Dollar Can Turn Lower If Stocks Resume Higher
Published 01/19/2024, 05:07 AM
US Dollar Can Turn Lower If Stocks Resume Higher
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