New pullback on DXY can cause more upside for SP500 [Video]

Gregor Horvat Wavetraders

We have several central bank speakers today, which could potentially move the FX markets. I am sure you noticed, the US Dollar saw another push higher yesterday, but these were Monday flows. If you've been following me for a while, you know I often see Monday flows as temporary moves that can reverse later in the week, possibly already on Tuesday, especially if the moves are sharp. With that being said, I wouldn’t be surprised to see potential resistance for the Dollar Index around 104, and I still think a deeper correction could take place, especially if price drop out of the current upward channel. At the same time, it will be interesting to see if a retracement in the Dollar could lead to new highs in the S&P 500.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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