US Dollar Index

Bulls are taking a breather under new two-decade high, following Tuesday’s 1.3% rally, sparked by fresh risk aversion on recession fears, while the greenback remains underpinned by expectations aggressive Fed, as the US central bank has more opportunities to continue policy normalization than other major central banks.

Markets are taking a breather ahead of release of FOMC June policy meeting minutes later today, which are expected to provide more clues about the central bank’s tightening path, with markets betting on Fed’s increasingly hawkish stance.

Profit-taking on stretched conditions is expected to push the price to the better levels to re-join bullish market.

Immediate support lays at 106.06 (broken upper 20-d Bollinger band) which so far holds today’s action, with more significant points at 105.54 (former top of June 15) and 105.04 (former top of May 13) and parallel-running ascending 10/20DMA’s at 104.76/50 respectively (also Fibo 61.8% of 103.18/106.56 upleg), where dips should find solid ground.

Res: 106.56; 106.81; 107.60; 108.47.
Sup: 106.06; 105.54; 105.04; 104.76.

Chart

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news Join Telegram

Recommended Content


Recommended Content

Editors’ Picks

AUD/USD attacks 0.7100 after China data dump miss

AUD/USD attacks 0.7100 after China data dump miss

AUD/USD is on the defensive at around 0.7100, as traders assess disappointing Chinese activity data and the PBOC rate cuts. The pair tumbles as the US dollar picks up safe-haven bids amid China's data-led risk-aversion. 

AUD/USD News

USD/JPY rebounds in sync with US dollar, eyes 133.50

USD/JPY rebounds in sync with US dollar, eyes 133.50

USD/JPY is advancing towards 133.50, rebounding in the tandem with the US dollar, as risk sentiment takes a beating on discouraging Chinese activity data and the unexpected PBOC rate cuts. The pair reverses the Japanese Q2 GDP miss-led drop below 133.00. 

USD/JPY News

Gold slides beneath $1,800 on DXY rebound ahead of Fed Minutes

Gold slides beneath $1,800 on DXY rebound ahead of Fed Minutes

Gold price refreshes intraday low near $1,795 as a firmer US dollar weighed on the key asset during Monday’s Asian session. That said, the sour sentiment and catalysts from China join the market’s cautious mood ahead of this week’s FOMC meeting minutes to propel the greenback of late.

Gold News

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price exhaustion could lead to sizeable retracement, but for the better

AVAX price is in a no man’s land and depending on how the altcoin reacts to a few barriers, investors can bet on its direction. But a minor retracement in the short-term seems likely given the current market conditions.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Majors

Cryptocurrencies

Signatures