UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
* Tues. Oct. 26 @ 10:00 am ET - CB Consumer Confidence
* Fri. Oct. 29 @ 8:30 am ET - Core PCE Price Index m/m Data
* Wed. Nov. 3 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Nov. 5 @ 8:30 am ET - Employment Data
* Tues. Nov. 9 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Wed. Nov. 10 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Nov. 12 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Tues. Nov. 16 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Wed. Nov. 24 @ 2:00 pm ET - FOMC Meeting Minutes
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Saturday, August 19, 2017
Triple-Bottom Bounce in Store for US Dollar?
All three technical indicators are still in downtrend and the RSI is still below the 50 level, although the MACD and PMO have recently crossed over to the upside.
It is still trading under the bearish influence of a Death Cross moving average formation, so it's still extremely vulnerable to a break below 92.00 and a swift drop down to its next major support level of 84.00.
Such a drop could be very threatening for equities, inasmuch as further weakness in both of these could see investors incur fairly catastrophic financial losses. As such, we may see $USD buyers step in any time now.
I've recently described a scenario for a potential short-term bounce in equities here, and another scenario for potential longer-term equity weakness here.
What the US Dollar does in the near-term, as described above, may influence what happens in equities...another tool that can be monitored, in this regard.
The following Monthly chart shows other longer-term support levels.
At the moment, the Momentum indicator is making a new swing low, hinting at further (longer term) weakness ahead...so, keep an eye on the daily activity in the near-term and the 94.00 and 92.00 levels for any (sustained) breakout or breakdown.