USDINDEX: Halts Upside Faces Corrective Pullback Threats!
With USDINDEX failing to continue higher through the 92.73 levels, a short-term resistance has been printed at that level, while its immediate risk remains higher above the 91.75 levels, the USDINDEX will have to break and hold above the 92.73 levels to prevent a return to the downside.
Immediate support stands at the 91.75 levels, a halt is likely if seen it will retest the 92.73 levels, a sustained breakout above the 92.73 levels will extend gains to the 94.00 levels, further upside, resistance comes at the 95.40 levels.
On the downside, support comes at the 91.75 levels where a cut will aim the 90.05 levels before another rising, however; below 90.05 level will restore the downside momentum and pave the way to the 89.00/88.00 levels.
Conclusion: The USDINDEX sees corrective threats below the 92.73 levels.
In the week ahead, the global financial markets will shift their focus to Bank of England Policy Announcement. Market players will also be focusing on U.S Inflation Data as well as comments from several Fed speakers.
This is a list of the most important economic news for the week:
Tuesday, May 8
Australia will publish data on retail sales.
Fed Chair Jerome Powell will speak at an event in Zurich, Switzerland.
Wednesday, May 9
The U.S will report on producer price inflation.
The Reserve Bank of New Zealand is to announce its benchmark interest rate and publish a rate statement.
Thursday, May 10
The UK will produce data on industrial production. Later on the day, the BoE will announce its latest monetary policy decision and publish a rate statement.
The U.S will release reports on consumer price inflation and initial jobless claims.
Friday, May 11
Canada will publish its monthly employment report.
ECB President Mario Draghi will speak at an event in Florence.
You can follow the rest of the week’s economic events by visiting: