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Graphic Rewind: US Dollar Enters a 50-Point Range Over Past Week

Graphic Rewind: US Dollar Enters a 50-Point Range Over Past Week

2013-11-28 17:43:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar trading in a 5-day, 50-point range
  • Aussie rallies against the US Dollar on capital expenditures

A look back at the past 24 hours of Forex trading using movements in the US Dollar Index:

US Dollar 15-Minute 12:00 11/27 to 12:00 11/28 EST

Graphic_Rewind_US_Dollar_has_Entered_a_50-Point_Range_Over_the_Past_Week_of_Trading_body_Picture_1.png, Graphic Rewind: US Dollar Enters a 50-Point Range Over Past Week

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The Dow Jones FXCM Dollar Index has traded within a 50 point range, slightly above 10,600, for the fifth consecutive day on Thursday. Over Wednesday night and Thursday, the US Dollar fell to the bottom of the range on Australian data.

At the beginning of the Tokyo session, Australian business capital expenditures beat expectations in the third quarter. Private expenditures were reported 3.6% higher, much better than expectations for a 1.2% decline. The Australian Dollar rose about 60 pips against the greenback following the release.

Right before the London session open, the US Dollar erased a bit of gain that followed the Australian release. It was unclear why the Euro rallied against the greenback, but there were Spanish GDP and inflation releases that met or beat expectations, which was possibly connected to the Euro strength.

The US Dollar has remained quiet since the start of the NY session, as the US markets are closed for Thanksgiving.

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Charts created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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