The first full week of October and the beginning of Q4 entertain two key central bank meetings, along with several risk events that grace the economic
calendar. As a friendly reminder, stock markets in mainland China are closed all week in observance of the National Day holiday, with Hong Kong only closing on Monday.
is still data-dependent, and a lengthy shutdown could prove difficult for the Fed to set monetary policy. Of relevance, the average US government shutdown has lasted eight days despite the previous shutdown lasting 34 days.Dollar maintains bullish vibe; Closes higher for 11th consecutive week Although the RSI reveals signs of rebounding from oversold space on the daily chart, the room seen for weekly sellers to explore deeper waters this week and Friday’s reaction from daily resistance highlighted above at $1.2272 could be sufficient to attract further selling over the coming week. In terms of downside targets, last week’s session trough at $1.2110 is a reasonable base to aim for, followed by daily support at $1.2019.
Although higher timeframes tend to take precedence, it is important to note that we have the monthly chart showing us that sellers may take things lower over the coming weeks towards monthly support of 4,056, but according to the weekly chart, we also have weekly price entrenched within an uptrend which recently formed AB=CD bullish structure near channel support.
While things point to further technical weakness this week, it is worth pointing out that the RSI on the daily chart entered oversold terrain for the first time this year. However, although this can portend a reversal to the upside, it is common to see the RSI remain in oversold territory for lengthy periods in down-trending environments and deliver several false buy signals.
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