DXY Daily guidance is neutral with a bullish bias. Recommended ratio: 58% DXY, 42% Cash.
*DXY, VIX, Nat Gas, EURUSD and Agriculture are up while US Treasuries, Equities, Futures, Cryptos, Metals, Oil, GBPUSD, CNYUSD and JPYUSD are down. Cleveland Fed President Mester mentioned today in New York that there has been little to no progress on ringing in inflation and that she supports a higher than 4.75% federal funds rate in 2023 if the data warrants it. Earlier today Putin met with UAE President MBZ and both praised the oil production cut by OPEC+. Key Upcoming Dates: FOMC Minutes at 2pm EST 10/12; September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; 18th GDPNow US Q3 GDP Estimate 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.*
Price is currently attempting to keep trending up at ~$113.20 after bouncing from $110 minor support last week, the next resistance is the upper trendline of the ascending channel from October 2008 at ~$114.25 which is just below $114.62 resistance. Parabolic SAR flips bullish at $113.87, this margin is bullish. RSI is currently forming a soft peak at 62 and is still technically testing 59 resistance. Stochastic remains bullish and is currently forming a soft peak at ~45.5, the next resistance is at 50.60. MACD is currently on the verge of crossing over bullish at 0.93, the next resistance is at 1.24 and support at 0.65. ADX is currently trending down slightly at 28 as Price continues pushing up, this is mildly bearish at the moment; if it is able to form a trough as Price pushes higher, this would be bullish.
If Price is able to keep pushing higher then it will likely retest the upper trendline of the ascending channel from October 2008 at ~$114.25 as resistance before potentially retesting $114.62 resistance. However, if Price breaks down here, it will likely retest $110 minor support. Mental Stop Loss: (one close below) $112.38.
*DXY, VIX, Nat Gas, EURUSD and Agriculture are up while US Treasuries, Equities, Futures, Cryptos, Metals, Oil, GBPUSD, CNYUSD and JPYUSD are down. Cleveland Fed President Mester mentioned today in New York that there has been little to no progress on ringing in inflation and that she supports a higher than 4.75% federal funds rate in 2023 if the data warrants it. Earlier today Putin met with UAE President MBZ and both praised the oil production cut by OPEC+. Key Upcoming Dates: FOMC Minutes at 2pm EST 10/12; September US CPI at 830am EST 10/13; September US Retails Sales at 830am EST 10/14; 18th GDPNow US Q3 GDP Estimate 10/14; UofM October Consumer Sentiment Index at 10am EST 10/15.*
Price is currently attempting to keep trending up at ~$113.20 after bouncing from $110 minor support last week, the next resistance is the upper trendline of the ascending channel from October 2008 at ~$114.25 which is just below $114.62 resistance. Parabolic SAR flips bullish at $113.87, this margin is bullish. RSI is currently forming a soft peak at 62 and is still technically testing 59 resistance. Stochastic remains bullish and is currently forming a soft peak at ~45.5, the next resistance is at 50.60. MACD is currently on the verge of crossing over bullish at 0.93, the next resistance is at 1.24 and support at 0.65. ADX is currently trending down slightly at 28 as Price continues pushing up, this is mildly bearish at the moment; if it is able to form a trough as Price pushes higher, this would be bullish.
If Price is able to keep pushing higher then it will likely retest the upper trendline of the ascending channel from October 2008 at ~$114.25 as resistance before potentially retesting $114.62 resistance. However, if Price breaks down here, it will likely retest $110 minor support. Mental Stop Loss: (one close below) $112.38.