Fundamental Backdrop
1. Plenty of USD news happening along the week.
2. All eyes will be on NFP.
3. At Olympus, we are forecasting payrolls to print <250k compared to 311k previous.
4. There has been multiple economic data release on the USD, highlighting the slow down of its economy and inflation.
5. ISM manufacturing PMI releasing later on in the day and forecasted 47.4 compared to 47.7 previous.
6. Anticipating USD to have more softer prints which will incentive Fed to take on a more dovish approach.
Technical Confluences
1. H4 support at 101.67.
2. Price could potentially come lower to the support at 101.67.
3. Price currently hovering at the H4 resistance at 1102.899 and is rejecting it.
4. Anticipating further downside momentum on DXY.
Idea
Anticipating bearish price action on DXY for the week and for price to potentially break the H4 support at 101.6.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.
1. Plenty of USD news happening along the week.
2. All eyes will be on NFP.
3. At Olympus, we are forecasting payrolls to print <250k compared to 311k previous.
4. There has been multiple economic data release on the USD, highlighting the slow down of its economy and inflation.
5. ISM manufacturing PMI releasing later on in the day and forecasted 47.4 compared to 47.7 previous.
6. Anticipating USD to have more softer prints which will incentive Fed to take on a more dovish approach.
Technical Confluences
1. H4 support at 101.67.
2. Price could potentially come lower to the support at 101.67.
3. Price currently hovering at the H4 resistance at 1102.899 and is rejecting it.
4. Anticipating further downside momentum on DXY.
Idea
Anticipating bearish price action on DXY for the week and for price to potentially break the H4 support at 101.6.
NOT FINANCIAL ADVICE DISCLAIMER
The trading related ideas posted by OlympusLabs are for educational and informational purposes only and should not be considered as financial advice. Trading in financial markets involves a high degree of risk, and individuals should carefully consider their investment objectives, financial situation, and risk tolerance before making any trading decisions based on our ideas.
We are not a licensed financial advisor or professional, and the information we are providing is based on our personal experience and research. We make no guarantees or promises regarding the accuracy, completeness, or reliability of the information provided, and users should do their own research and analysis before making any trades.
Users should be aware that trading involves significant risk, and there is no guarantee of profit. Any trading strategy may result in losses, and individuals should be prepared to accept those risks.
OlympusLabs and its affiliates are not responsible for any losses or damages that may result from the use of our trading related ideas or the information provided on our platform. Users should seek the advice of a licensed financial advisor or professional if they have any doubts or concerns about their investment strategies.