US Dollar Index at 104 resistance

Gregor Horvat Wavetraders

Stock market is in risk-on mode, US yeilds keep moving lower, while interestingly dollar index is recovering, but it can be moving into some resistance ahead of US jobs data this week. From an Elliott wave perspective, we still see 104 as a nice potential swing zon for DXY this week, but we need some catalyst for a turn, and possiblty we will have to wait even till NFP this Friday unless something else happens before that. Later we also have the BoC rate decision. BOC was on hold last time. Unemployment came up to 5.7 from 5.5% and CPI came down to 3.1% from 3.8. So they surely can stay on hold which means that CAD can find some sellers then, but maybe more on majors rahter than vs USD if crude stay sin downtrend, while stocks are in risk-on mode.

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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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