The U.S. greenback is method off its month-to-month lows!

Is it now time for the bears to rain on the bulls’ parade?

Or can the Dollar maintain its momentum and hit larger areas of curiosity?

U.S. Greenback Index (DXY) Day by day Foreign exchangeChart by TV

As you possibly can see, the U.S. greenback index (DXY) is buying and selling above the 102.00 psychological deal with after weeks of hanging round 101.20 April lows.

Can greenback bulls maintain their momentum?

It will be a problem with the 100 SMA already testing the greenback’s shopping for demand.

It additionally doesn’t assist that DXY is already nearing the 103.40 mid-range zone whereas Stochastic is exhibiting an “overbought” sign on the each day timeframe.

Bulls who’re assured that the greenback can bust via the 100 SMA and mid-range resistance can reap the benefits of the present momentum and intention for areas of curiosity like 103.60 or 104.40.

Really feel just like the greenback is due for some losses?

Be careful for a rejection on the 100 SMA and 103.50 which opens the index to a visit again all the way down to its 102.20 and even 101.20 earlier lows.

Whichever bias you find yourself buying and selling, ensure to comply with your buying and selling plan and to make use of your finest danger administration strikes so you possibly can commerce for one more day!