The USD Pushes Upward
On the day US stocks fell and that has led into a week start in Asian trade, with the major indices giving up plenty already. Although the USD is higher.
Brexit headlines hurt the GBP/USD, while the AUD/USD continued to fall, despite the strong lead in we had from China.
Looking ahead the calendar is still thin, with the major events not getting started until Wednesday. That said, markets are active so there is room for us to find opportunities.
A hawkish FED and rising yields is a recipe for a strong USD in my eyes.
The USD Outlook
The DXY is back testing the resistance level at 96.20. This has been a level that has been holding for some time now.
At the moment it appears the USD is rolling along on strong sentiment. With economic conditions being good in the US, there is a hawkish tone in the air.
Some are worried that the Fed is jumping the gun, but regardless rates are rising. If we can break and hold 96.20, that brings the swing high of 97.00 firmly into play.
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