This week's selloff has a chance of validating last week's Shooting Star candle.
It's only Tuesday, so there's still much time left, but if the DXY does fall here, the next stop is 97.50, and then 94.75.
I don't consider 97.50 a strong level, so somewhere near 95 is more likely.
Thursday's PMI numbers could push the USD in either direction. The last print was 50.6, and anything below 50 is considered a contraction, so little room for downside is available.
This report will be more carefully watched I believe than usual.
It's only Tuesday, so there's still much time left, but if the DXY does fall here, the next stop is 97.50, and then 94.75.
I don't consider 97.50 a strong level, so somewhere near 95 is more likely.
Thursday's PMI numbers could push the USD in either direction. The last print was 50.6, and anything below 50 is considered a contraction, so little room for downside is available.
This report will be more carefully watched I believe than usual.
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For more analysis, signals, education, and more sign up for Forex Forecast. It's free.
positionforex.my.canva.site/bio-link-site
positionforex.my.canva.site/bio-link-site
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.