• DXY: A weak close through November will seal a long-term reversal signal on the charts – Scotiabank

Market news

15 tháng 11 2023

DXY: A weak close through November will seal a long-term reversal signal on the charts – Scotiabank

USD steadies after sharp CPI-driven losses. Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes Greenback’s outlook.

More losses seem likely in the near-to-medium term

The sharp slide in the USD overall on Tuesday adds to the growing body of evidence from price action that the H2 USD rally is reversing. A good chunk of that gain has already been taken back but more losses seem likely to me in the near-to-medium term. 

Fundamentals are less favourable for the USD and short, medium and longer-term price signals are leaning USD-bearish now.

A weak close for the DXY through November will seal a long-term (monthly) reversal signal on the charts. 

Markets have been in ‘buy USD dip’ mode since mid-year; that will transition to ‘sell USD rallies’ from here.

Market Focus
Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer
Open Demo Account & Personal Page
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.