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Daily Financial Market News

Tue, 21 Nov 2017 12:30:00 GMT

DXY Index Firms Up, but Still Stuck in Range

DXY Index Firms Up, but Still Stuck in Range Search DailyFX Home Rates Charts News Market News Real-Time News Daily Briefings Forecast Market Alerts DailyFX Authors Articles Market News Headlines Ethereum Price Rally Stalls Ahead of Key Resistance Targets U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DXY Index Firms Up, but Still Stuck in Range Technical Analysis Analysis Technical Analyst Picks Support & Resistance Daily Technical Reports Pivot Points Sentiment Articles Algorithmic Trading Technical Analysis Headlines DAX Technical Analysis: Trading in Tight Window of Support & Resistance EUR/GBP Technical Analysis: Move Back Below 0.88 Hinted Ahead ASX 200 Technical Analysis: Retreat Finds Support But It Must Hold Calendars Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar Forex Economic Calendar Time Event Actual Forecast Rates Charts Education Education Beginner Intermediate Advanced Expert Free Trading Guides DAILYFX PLUS × Get the best parts of DailyFX.com in the new DailyFX App Download × Join Us For Our Free Webinars Get daily market analysis from our in-house experts Choose from more than 25 webinars each week Put your questions to our experts in real-time Q&As Register now Want to hold off on improving your trading? Click here to dismiss. × Get Your Free Trading Guides With your broad range of free expert guides, you'll explore: The basics of forex trading and how to develop your startegy Foundational knowledge to help you develop an edge in the market What's ahead for major FX pairs, Gold, Oil and more Download a Free Guide Want to hold off on improving your trading? Click here to dismiss. EUR/USD Low High View More Note: Low and High figures are for the trading day. News U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range GBP/USD Low High View More Note: Low and High figures are for the trading day. News DXY Index Firms Up, but Still Stuck in Range Asia AM Digest: British Pound Gains on Brexit Breakthrough Hopes GBP/USD Marches Toward Monthly-High (1.3321) Ahead of BoE Testimony USD/JPY Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range DailyFX US AM Digest: Euro Retakes Earlier Losses; Dollar Stable at US Open Gold Low High View More Note: Low and High figures are for the trading day. News DailyFX US AM Digest: US Dollar Bobs Back and Forth; Euro Weakens DXY Index Firms Up, but Still Stuck in Range Technical Analysis for Gold, Silver, Crude Oil, DAX & More Oil Low High View More Note: Low and High figures are for the trading day. News Technical Analysis for Gold, Silver, Crude Oil, DAX & More Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech Gold Prices May Continue Higher as German Coalition Crumbles BITCOIN Low High View More Note: Low and High figures are for the trading day. News Bitcoin Rallys Through $8,200; New Crypto Market Cap Record Bitcoin Soars Then Retreats; Good News Continues Bitcoin Momentum Continues, Hedge Fund Giant Signals Interest View More More Real-Time News Facebook Twitter Youtube Google + DXY Index Firms Up, but Still Stuck in Range by  Christopher Vecchio, Sr. Currency Strategist  News events, market reactions, and macro trends. Connect via: Talking Points: - The US Dollar is finding a bid today against the Euro and the Japanese Yen, two currencies it has struggled against since the start of November. - Despite a push to fresh monthly lows, AUD/USD has reversed and is now looking at a potential bullish key reversal on the day. - Retail trader sentiment now suggests mixed conditions for the US Dollar around the Thanksgiving holiday. Upcoming Webinars for Week of November 19 to 24, 2017 Wednesday at 6:00 EST/11:00 GMT: Mid-Week Trading Q&A Wednesday at 7:30 EST/12:30 GMT: Central Bank Weekly See the full DailyFX Webinar Calendar for other upcoming strategy sessions The US Dollar has stabilized ahead of the holiday, and that may be just about all the greenback will do. The steep drop on November 14 found the DXY Index trading between the October 26 bullish outside engulfing bar low and the July 26 baerish engulfing bar high. Since then, over the past week, price has yet to leave this newly-minted range; and given the liquidity drain expected over the coming days, it's not exactly the ideal conditions for a breakout. Despite holding support near 93.48, technical damage has been done to the US Dollar's rally from the September lows. Not only has the three-week range from October 26 to November 14 broke, but so too has the uptrend from the September 8, 20, and October 13 lows. Momentum has swung lower as well, with the DXY Index still trading below its daily 8-, 13-, and 21-EMAs, and MACD and Stochastics trending lower (albeit in bullish territory still).For now, all this equates to is it being appropriate to hold a broadly neutral US Dollar bias for the coming days; there may be individual instances in which a particular pair can be labeled 'bullish' or 'bearish' otherwise. As the holiday nears, we'll be watching AUD/USD (bullish key reversal forming today) and USD/CHF (holding 0.9840) for potential opportunities. See the above video for full technical considerations in AUD/USD and USD/CHF, as well as in the DXY Index, EUR/USD, GBP/USD, and USD/JPY. Read more: FX Markets Look to Pockets of Event Risk During US Holiday Week --- Written by Christopher Vecchio, CFA, Senior Currency Strategist To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com Follow him on Twitter at @CVecchioFX To be added to Christopher's e-mail distribution list, please fill out this form DailyFX provides forex news and technical analysis on the trends that influence the global currency markets. Related Articles Previous Articles From top fx headlines Related Prev Articles   Ethereum Price Rally Stalls Ahead of Key Resistance Targets   U.S. Dollar Begins Test of Key Resistance Zone as Bulls Remain Bashful   Crude Oil Prices Eye Inventory Data as Gold Awaits Yellen Speech   Aussie Dollar May Fall Further, Pound at Risk on BOE Testimony   GBP/USD Marches Toward Monthly-High (1.3321) Ahead of BoE Testimony   Despite US Dollar Woes, AUD/USD & NZD/USD Begin Next Legs Lower   US Dollar Bias Shifts to Neutral as New Range is Carved Out   DXY Index Slammed Down to Key Support Ahead of US CPI, Retail Sales   DXY Index Threatening to Break Three-Week Range, Two-Month Uptrend   US Dollar to Stay Focused on Tax Reform as Key Driver Advertisement Upcoming Events Economic Event Importance Actual - Forecast - Previous Importance Actual - Forecast - Previous Forex Economic Calendar A:  Actual   F:  Forecast     P:  Previous NEWS Articles Real Time News Daily Briefings Forecasts DailyFX Authors TECHNICAL ANALYSIS Articles Analyst Picks Support & Resistance Pivot Points Sentiment CALENDAR Economic Calendar Webinar Calendar Central Bank Rates Dividend Calendar EDUCATION Forex Trading University Trading Guide DAILYFX PLUS RATES CHARTS RSS Past performance is no indication of future results. 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