US Dollar stabilised after losing substantial ground against its peers at the end of last week.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• US Dollar stabilised after losing substantial ground against its peers at the end of last week.
• Traders are on edge with several important US economic data points and the Fed Interest Rate Decision on the agenda.
• US Dollar Index holds just above 103.25 and will be data dependent on its path forward for this week.

The US Dollar (USD) is in wait-and-see mode at the start of this week with traders gearing up for what will be an eventful week after the lacklustre performance last week. Biggest highlights to have in mind for this week are the US Consumer Price Index (CPI) numbers on Tuesday, Industrial Production on Thursday and the Michigan Consumer Sentiment survey on Friday. As if that is not enough, traders will have the opportunity to dissect the latest stance of the US Federal Reserve (Fed) with its June interest rate decision, including the press conference from Fed chairman Jerome Powell, on Wednesday.

For this Monday, the Dollar Index (DXY) is making a small recovery after its slide lower at the end of last week, dipping below 103.25. In the Asia-Pacific session, traders revalued the US Dollar back above 103.50 as Monday already holds an important event, the auction of 3-year and 10-year Treasury notes. The Federal Budget Balance for May will be printed as well on Monday.

The US Dollar Index (DXY) has been on a tear the past two weeks and nearly touched 105.00 to the upside at the end of May. Since then, the DXY has refrained from making new highs and is showing a bearish patterns with lower highs and lower lows. Support in the form of the 100-day SImple Moving Average (SMA), near 103.00, is expected to be tested soon for support

On the upside, 105.47 (200-day SMA) still acts as long-term price target to hit, as the next upside key level for the US Dollar Index is at 105.00 (psychological, static level), and acts as an intermediary element to cross the open space.

On the downside, 103.00 (100-day SMA) aligns as the first support level to confirm a change of trend. In the case that breaks down, watch how the DXY reacts at the 55-day SMA at 102.53 in order to assess any further downturn or upturn.

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group