The USD Testing Major Resistance
The USD has continued its strong bull run and the latest US consumer confidence appears to have helped spark the rally.
The USD has continued its strong bull run and the latest US consumer confidence appears to have helped spark the rally.
Yesterday we saw a strong print with confidence as high as it has been in some time. Contrast this with the weakness that we’ve been seeing in Europe and that means there is money flowing into the USD.
At the same time, the fact that the USD remained strong yesterday on the back of the trade wars sparking back up, was clearly a bullish signal.
Wall Street also turned the corner and put in a strong green day to help lift sentiment event further.
The USD Outlook
The DXY is now smack bang on the major resistance level at 97.00 Given the fact that we spent time and held 96.20, I felt it was only a matter of time until that happened.
For now though, the challenge remains as to whether we can hold this level and first break it.
Remember we have jobs out later in the week and that might be the deciding factor. I wouldn’t be surprised to see price come off a touch, given we have closed right on 97.00.
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