We enter very crucial week in terms of Economic events and reaching very close to the end of the year 2013. Market makers generated wave that Fed would start its tapering program at the coming December meeting. The latest positive factor – the budget deal makes USD come back to positive track. Both the parties agreed to ease automatic spending cuts by about $63 billion over two years and reduce the deficit by $23 billion.
The USDX corrected from 80.99 up to 79.76. After budget announcement, it started moving northwards. Indicators are showing positive divergence in daily charts.
Resistance – 80.4.
Support – 79.5, 79.
Trades above 80.4 make bring bullish action towards 80.6, 81.
Close below 79 makes bulls suffer. Bears would take it towards 75.
The material has been provided by InstaForex Company – www.instaforex.com
We enter very crucial week in terms of Economic events and reaching very close to the end of the year 2013. Market makers generated wave that Fed would start its tapering program at the coming December meeting. The latest positive factor – the budget deal makes USD come back to positive track. Both the parties agreed to ease automatic spending cuts by about $63 billion over two years and reduce the deficit by $23 billion.
The USDX corrected from 80.99 up to 79.76. After budget announcement, it started moving northwards. Indicators are showing positive divergence in daily charts.
Resistance – 80.4.
Support – 79.5, 79.
Trades above 80.4 make bring bullish action towards 80.6, 81.
Close below 79 makes bulls suffer. Bears would take it towards 75.
The material has been provided by InstaForex Company – www.instaforex.com
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