Breaking News
0

USDOLLAR Moves Above Overhead Resistance

By Russell ShorForexFeb 11, 2019 10:32
za.investing.com/analysis/usdollar-moves-above-overhead-resistance-200198154
USDOLLAR Moves Above Overhead Resistance
By Russell Shor   |  Feb 11, 2019 10:32
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

The below is the daily chart of the USDOLLAR. The greenback has moved above the overhead resistance around the 12,220 level (red shaded horizontal). This is regarded as a bullish sign as overhead resistance often turns into underlying support. The RSI(9) is above 50 and indicative of an underlying bullish momentum.

We note that, the Fed is relatively dovish at this stage. However, there are other factors at play which are driving the bid for the greenback. The strong non-farm employment change and the forecast beating Manufacturing PMI print have helped drive the demand. Moreover, whilst most regions are exhibiting signs of weakness, the US is still strong on a relative basis e.g. the European Commission lowered its growth forecast for the Eurozone in 2019 as did the RBA for Australia. Furthermore, the greenback is also a beneficiary of the US-China trade tensions, which are ongoing.

USDOLLAR Daily
USDOLLAR Daily
USDOLLAR Moves Above Overhead Resistance
 
USDOLLAR Moves Above Overhead Resistance

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Bonginkosi Sibanyoni
Bonginkosi Sibanyoni Feb 11, 2019 12:38
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hi,sir if I may ask why is the dollar beneficial of the trade war?
Reply
1 0
Russell Shor
Russell Shor Feb 11, 2019 12:38
Author's response
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The Chinese invariably devalue their currency against the USD to compensate for the imposed tariffs.
Reply
0 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email