And it's also holding above ascending .
I think the sideways would finish in this week with many strong incoming data.
- FED Meeting
- BOJ Meeting
- US GDP (Q4)
- EZ CPI
Here is my opinion :
+ FED Meeting : a neutral stance likely is expected.
+ BOJ Meeting: I expect BOJ would increase its stimulus
+US GDP (Q4) : Actual data would beat the consensus. I expect US GDP prints at 1.6%
+ EZ CPI: ECB has right reason in preparing for more stimulus last meeting. EZ CPI will confirm for ECB view. Negative number.
I bet on view for DXY this week. The uptrend will be mainly contributed by the decline of Euro and Yen.
Look at on the chart, strong resistance at 99.50 is captured DXY . I see DXY had a great effort to break this resistance last week. I think DXY has enough momentum to break this resistance.
Watch indicator: I split this line into two zones: zone and zone.
A move into zone is a signal for more gain.
A bounce back to zone is also a signal for more drop.
I think DXY would react in zone next week.