Should We Keep an Eye on the Direction of the U.S. Dollar, Which Is Facing Resistance?
04.10.2024
- Singapore Retail Sales
- Swiss Employment Statistics
In U.S. currency trading yesterday, the U.S. dollar fluctuated against the yen after the August U.S. durable goods orders, released yesterday, remained unchanged from the previous month’s 0.0%. The USD/JPY pair traded between 146.203 and 147.240, with price action centered around the 20-period moving average (MA) on the hourly chart.During today’s Asian trading session, the pair broke below the 20-period moving average on the hourly chart and fell to the -3σ level of the Bollinger Bands. We will be watching closely to see if the U.S. dollar continues to weaken against the yen.
European currencies saw the euro edge lower against the U.S. dollar after the EU’s August Producer Price Index (PPI), released yesterday, came in at -2.3% year-over-year, a further decline from the previous month’s -2.1%.The EUR/USD pair fell from 1.1048 to 1.1008. It faced resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair is trading below the 10-period MA, where it is facing resistance. On the daily chart, the pair is on the verge of breaking below the 75-period MA support line, so traders should pay close attention to market strength and weakness during U.S. trading hours.
Today’s schedule includes the Philippine Consumer Price Index at 10:00, the Indian Services PMI at 14:00, Singapore Retail Sales at 14:00, Swiss Employment Statistics at 14:45, and FrenchIndustrial Production, at 16:55 UK MPC Member Pill’s remarks, at 17:30 UK Construction PMI, at 21:00 Mexico Employment Statistics, at 21:30 U.S. Employment Statistics, at 22:00 U.S. Williams:Remarks by NY Fed President, 23:00: Canada – Ivey Purchasing Managers’ Index, 23:30: U.S. – Remarks by Chicago Fed President Goolsbee, 27:00: Brazil – Trade Balance. We will carefully assess the direction of the U.S. dollar, which is facing resistance on the upside.
Author: Keisuke Sakurai
