USD index looks set to hold 102 (for now)
US CPI data may not have been as soft as some would have liked, but it retains the view that the Fed will cut rates and achieve a soft landing.
The US dollar index reversed earlier CPI-induced losses to close the day flat on Wednesday and form a small bullish pinbar. Its low almost perfectly respected trend support from the July 2023 low, and shows that demand resides above 102. I suspect the USD index might be in for a small bounce, which could see AUD/USD fall further beneath its 200-day MA (job data pending).
Quite how much of a bounce I am not sure, but these levels do not look favourable for bears. Also note that a small bullish divergence ahs formed on the RSI (14), and RSI (2) is also oversold to suggest bullish mean reversion is due.
The US dollar index reversed earlier CPI-induced losses to close the day flat on Wednesday and form a small bullish pinbar. Its low almost perfectly respected trend support from the July 2023 low, and shows that demand resides above 102. I suspect the USD index might be in for a small bounce, which could see AUD/USD fall further beneath its 200-day MA (job data pending).
Quite how much of a bounce I am not sure, but these levels do not look favourable for bears. Also note that a small bullish divergence ahs formed on the RSI (14), and RSI (2) is also oversold to suggest bullish mean reversion is due.
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