The #USD finally showed its slight recovery reacting to the FED Chair Janet Yellen on a gradual rate increase heading towards 2018. Sluggish as it may seem the price recovery may find a range high near the initial levels of 95.05/10 for the US Dollar Index (DXY) in the mid-term as the 3rd quarter comes to a close. It is currently at the levels above the 93.00 basis point which is quite resilient against a backdrop of other fundamentals such as higher Crude Oil above 51.00 and Gold prices hovering at USD1295.00 from its previous high at 1357.62 marked in the market dated the 4th of Sept. 2017.
Likewise, this move have been an additional catalyst for the European majors to continue their respective price drawback, with the #EURO find its prices below the 1.1880 levels while #CABLE followed it previous corrective move at 1.3425 to this writing. The recent market call on the USD have shown its effectiveness as the range bound recovery would still be at play between now and the first two (2) weeks of the October. As we have previously shared MegaTrade101's scale guide on trend direction including the price parameters to watch for with the Dow Jones Industrial Average - #DOW.
Most analyst have been expecting a correction for US Equities for quite sometime now, as prices are coming back from the heavily traded #NASDAQ Tech sector. The individual stocks on #FB #BABA #AMZN #GOOG #MSFT have seen some initial signals of such correction as early as the today that may have lost some narrative steam on momentum.
These are the dark clouds of 'uncertainty' forming when NASDAQ stocks that started the lead on the first quarter 2017 may likewise end the year from which they have came from. The basic logic of first in and last out may still apply in today's market condition. Yet again, we have to face what is in store for the 4th quarter of the year.
BTW, Thanks to all our valued viewers specifically from Italy, US, Germany, France, and from the UK! Much appreciation goes to the rest of the other countries that make up MegaTrade101 Top viewer list.
ReplyDeletePRICE UPDATE: #GBPUSD LOW AT 1.3221, #EURUSD LOW AT 1.1695 with a slight recovery at 1.1757. Meanwhile, #USD - DXY AT 93.85 WITH A SESSION HIGH AT 93.92 BASIS POINT. So far so good! We're getting to our target objective slowly and at a gradual pace.
ReplyDeleteAnd the major Indices regained its footing marking new record highs with the #DOW at 22628, #SP500 at 2532 and the #NASDAQ at 6523 levels respectively. Sustaining these levels remains with investors positive sentiments on the surrounding fundamentals backing up a growing US economy including the hawkish tone from the Federal Reserve.
This includes Asian region doing well especially with the PSEI - Philippine Stock market and China's Hang Seng Index outperforming the rest of the region. The gradual pace is favorable compared to a rapid fire price action that could loose steam well within the session.