Macro approach:
- DXY edged higher, recovering earlier losses as the Fed held rates and Powell was cautious.
- Jun cut hopes faded, though markets expect three cuts this year, potentially lifting DXY short-term.
- A potential US-UK trade deal also helps ease bearish sentiment on the dollar.
Technical approach:
- DXY is hovering around the key resistance at around 100.200, confluence with EMA21, indicating a potential short-term correction.
- If DXY closes above the resistance at 100.200, the price may continue to claim to retest the following resistance at 101.800.
- Conversely, closing below the current trendline may lead DXY to retest the swing low at around 98.000.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- DXY edged higher, recovering earlier losses as the Fed held rates and Powell was cautious.
- Jun cut hopes faded, though markets expect three cuts this year, potentially lifting DXY short-term.
- A potential US-UK trade deal also helps ease bearish sentiment on the dollar.
Technical approach:
- DXY is hovering around the key resistance at around 100.200, confluence with EMA21, indicating a potential short-term correction.
- If DXY closes above the resistance at 100.200, the price may continue to claim to retest the following resistance at 101.800.
- Conversely, closing below the current trendline may lead DXY to retest the swing low at around 98.000.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.