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According to news on October 25, from January to September this year, the cumulative transaction volume of new houses in Foshan was 23,611 units and 2.8425 million square meters, which was lower than the transaction volume in the same period last year; but the cumulative transaction volume of second-hand houses was 40,990 units and 5.008 million square meters, an increase of 3.3% and 4.3% year-on-year respectively.On October 25, Russian Presidents Special Representative Kirill Dmitriev said during his visit to the United States on the 24th that he believed that all parties were "very close" to reaching a diplomatic solution to the Ukrainian issue, and Russia was open to Ukraine obtaining third-party "security guarantees" in the future.According to the Suzhou Release WeChat official account on October 25th, a series of events were held in Zhangjiagang High-tech Zone (Tangqiao Town) on the morning of October 24th, including the groundbreaking ceremony for the dishwasher smart manufacturing project of Xiaomis ecological chain company, Qingmei Technology; the opening of the Zhangjiagang High-tech Zone Cross-border Empowerment Center; and the signing of the personal care small appliance smart manufacturing project of Xiaomis ecological chain company, Xiaobei Technology. According to reports, the dishwasher smart manufacturing project of Xiaomis ecological chain company, Qingmei Technology, has a total investment of 500 million yuan, with a planned annual production capacity of 500,000 dishwashers. Upon reaching full production, it is expected to generate an annual output value of 800 million to 1 billion yuan. The personal care small appliance smart manufacturing project of Xiaomis ecological chain company, Xiaobei Technology, has a total investment of 500 million yuan. Upon reaching full production, it is expected to have an annual production capacity of 15 million units and an annual output value of 2.4 billion yuan.On October 25th, the China Railway Corporation announced that the 12306 Customer Service Center will add a new group ticketing service by phone, raising the maximum number of tickets per order to 19. The 12306 app will also increase the maximum number of train tickets per order from 9 to 19, and the number of passengers that can be added to a single 12306 account from 15 to 30.On October 25, the Russian Ministry of Defense announced that Russian air defense forces shot down 121 Ukrainian drones in various regions of Russia overnight. The report stated: "Over the past night, air defense weapons on duty intercepted and destroyed 121 Ukrainian fixed-wing drones: 20 over Rostov Oblast, 19 over Volgograd Oblast, 17 over Bryansk Oblast, 12 over Kaluga Oblast, 11 over Smolensk Oblast, 9 over Belgorod Oblast, and 9 over Moscow Oblast. Seven of these drones flew in the direction of Moscow, eight each over Voronezh and Leningrad Oblasts, two each over Novgorod, Ryazan, and Tambov Oblasts, and one each over Tver and Tula Oblasts."

The Dollar Index's Top-to-Bottom Reversal Indicates a Potential Momentum Shift

Drake Hampton

Apr 11, 2022 10:52

On Friday, the US Dollar fell versus a basket of foreign currencies after gaining more than 100 points for the first time in over two years. It reached a high of 100.20 during the session, its highest level since May 2020.

 

Despite the fact that it formed a potentially bearish closing price reversal top, it ended the week up 1.3 percent. Throughout the week, the dollar index was mostly supported by a rise in US Treasury yields and a weaker Euro.

 

The June US Dollar Index closed at 99.753 on Friday, down 0.007 or -0.01 percent. The Invesco DB US Dollar Index Bullish Fund ETF (UUP) closed at $26.68, an increase of $0.01 or 0.02%.

 

On Friday, the US Treasury 10-year yield surpassed 2.7 percent for the first time in three years, aided by the likelihood of more aggressive Federal Reserve tightening. Additionally, this week's release of the Fed's March meeting minutes revealed that "many" members were prepared to raise rates in future months in 50-basis-point increments.

 

In other news, the Euro was under pressure as the election battle between President Emmanuel Macron and far-right contender Marine Le Pen tightened in France, the Euro Zone's second-largest economy. Macron continues to lead polls.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is upward. However, Friday's closing price reversal top implies that momentum is about to move downward.

 

A move above 99.745 will confirm the price reversal top at the close. This could initiate a 2-3 day adjustment. A break of 100.200 will invalidate the chart pattern and suggest the resumed uptrend. The primary trend will revert to the downside upon a break of 97.730.

 

Minor values range from 97.730 to 100.200. The nearest support level is at its 50% level, or pivot, of 98.965.

 

The critical support level is the long-term Fibonacci retracement level around 98.200.

Scenario of the Bear

Persistent movement below 99.975 indicates the existence of sellers. Taking out 99.745 will confirm the price reversal top at the close. If this generates sufficient downside momentum, expect the selling to extend towards the minor pivot at 98.965.

Scenario of Bullishness

Sustaining a move over 99.975 indicates the presence of buyers. The initial objective on the upside is 100.200.

 

If 100.200 is breached, the closing price reversal top will be invalidated, signaling the resumption of the uptrend. If buying is sufficiently strong, we may see an acceleration to the upside, with the next big objective of 100.560 – 100.930.

 

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