Loonie Potential Buy: DXY Bullishness Slows
Today the DXY has been moving quite high seeing highs of 106.619. It is possible that the USD pairs are overbought and that investors may be looking for some strength in other currencies such as the Canadian dollar and Euro today for the trade against the US dollar. USDCAD has been recently overbought on the 4 hour RSI and has shown some immense bullish volatility on the BB and KC volatility bands, there is some potential to short USDCAD here back perhaps 50 pips while investors may take profit here and the DXY can head into a retracement.
Today in regards to economic events the Reserve Bank Of Australia had a meeting adding high volatility to USD and Aussie pairs. Soon the UK will be releasing Average Earnings Index data(Forecast:4.5% Previous: 6.2%),
and the Claimant Count Change report(Forecast: -32.0K Expected: -20.0K). These reports are expected to bring high volatility to the main basket of GBP and USD currencies. Keep your eye on the result of the US Building Permits report (Forecast:1.650M, Expected: 1.696M) which will be released during the New York session tomorrow, and will be bringing high volatility to the FX market once again.
Ilyas Khan Top1 Markets
Today in regards to economic events the Reserve Bank Of Australia had a meeting adding high volatility to USD and Aussie pairs. Soon the UK will be releasing Average Earnings Index data(Forecast:4.5% Previous: 6.2%),
and the Claimant Count Change report(Forecast: -32.0K Expected: -20.0K). These reports are expected to bring high volatility to the main basket of GBP and USD currencies. Keep your eye on the result of the US Building Permits report (Forecast:1.650M, Expected: 1.696M) which will be released during the New York session tomorrow, and will be bringing high volatility to the FX market once again.
Ilyas Khan Top1 Markets
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