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The dollar index at the 104.00 level pending the NFP report

The dollar index at the 104.00 level pending the NFP report

This week, the dollar index was above the 104.00 level. 

Dollar index chart analysis

This week, the dollar index was above the 104.00 level. There is increasing pressure on that level, and expectations are that the dollar will not have the strength to maintain itself and that it will fall to a new low. This morning we had one bearish impulse at 103.99, while now we are at the 104.06 level. During the Asian session, the movement was in a bearish consolidation with no signs that we could see a recovery.

Potential lower targets are 103.90 and 103.80 levels. Going down to these levels would confirm the bearish momentum and the continued retreat of the dollar index. We need a positive consolidation and a move above the 104.20 level for a bullish option. There we get the support of the EMA50 moving average for further continuation to the bullish side.

 

Does the dollar have the strength to stay above 104.00, or is it going to a new low?

Potential higher targets are 104.30 and 104.40 levels. An additional oppro dollar index could be in EMA200 and zone 104.40. That is still far from this week’s high at the 104.76 level.

In the afternoon hours of the US session, we anticipate a flurry of impactful news from the US economy. The average Hourly Earnings monthly report, Nonfarm Payrolls for the May period, Unemployment Rate, and U.S. Baker Hughes Oil Rig Count are among the key reports that could significantly influence the dollar’s movement in the near future. Additionally, we should keep an eye on the Canadian Unemployment Rate, Employment Change, and ECB President Lagarde’s speech, as they could also contribute to market volatility.

 

The post The dollar index at the 104.00 level pending the NFP report appeared first on FinanceBrokerage.

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