The Greenback is off and rolling for this post-Easter holiday session. June USD Index futures have broken out to the bull, posting fresh yearly highs. The psychological level of 97.500 is coming into view amid heavy bids hitting the market.

Earlier in the session, the Redbook Index (April 19) came across the newswires. The report outperformed the previous release on a monthly (+1.2%) and yearly (+6%) basis. While only a peripheral economic metric, these figures are good ones for the U.S. retail sector. With Q1 GDP set to be released on Friday, today’s Redbook report is certainly a step in the right direction.

June USD Index Futures: Technical Outlook

Following a modest Easter Monday trading day, June USD Index futures are on the rally. Rates have broken above last week’s highs and continue to drive higher. Are traders already going long in anticipation of Friday’s GDP figures?

Here are two levels to watch as the session unfolds:

• Resistance(1): Psyche Level, 97.500
• Support(1): Psyche Level, 97.000 (not pictured)

Overview: The outlook for the June USD Index is bullish until proven otherwise. Barring a major late-session reversal, this market appears primed to test the 97.500 level in the near future.

A few minutes ago, U.S. New Home Sales (MoM, March) were reported as being 692,000, above the expected 650,000. This is a positive trend for a somewhat lagging U.S. real estate sector. It will be interesting to see if the uptick in New Home Sales will bring more positive sentiment to the Greenback.