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"Navigating the DXY: Breaking Down the Recent Rising Wedge Breakout"
The DXY's falling trend has implications for the stock market, which may go up if the trend continues. However, the upcoming CPI data will be a crucial determinant for the DXY's trend. Technical analysis suggests a possible retrace of the trend around 104.7 supply and demand zone. The short-term trend may be volatile until the release of the CPI data.
104.000
ENTRY PRICE
100.000
TGT PRICE
106.000
SL PRICE
418
Points
Profit
100.000
TGT PRICE
103.582
CLOSING
104.000
ENTRY PRICE
106.000
SL PRICE
The US Dollar Index (DXY) has been trending downwards, currently trading below a falling trend line. However, it has a history of breaking this trend line on its second attempt. As per the technical analysis, the 100-99 zone is the target for the dollar. This has implications for the stock market, which can go up as the dollar index falls.
On the technical side, there was a broken rising wedge on the 4-hour chart, suggesting a possible downtrend. However, in the short term, there may be some technical pullbacks towards the downside until the release of the Consumer Price Index (CPI) data. The previous Non-Farm Payroll (NFP) data was not the best for the DXY, but it is just a part of the puzzle. The upcoming CPI data will be a crucial determinant for the DXY's trend.TRADE RECOMMENDATION
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Warren Takunda is an experienced financial analyst and CFO at Verge Capital in Dubai, with a proven track record in the finance industry. He leads the finance team and is responsible for financial planning, analysis, and reporting. Warren has extensive experience in financial modeling and investment analysis, which enables him to provide valuable insights to clients.
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