USD Possibly Looking to strengthen
Updated
As we await the CPI release on NY Open. It seems that the USD has been showing strength in the past week. However it is currently rejecting a resistance of 92.780 on the DXY.
To add on to that, most USD pairs are having a small consolidation favoring bullish USD. I will be looking to long the dollar as a trend-continuation strategy if the resistance on DXY is broken. However, I would definitely wait on a string confirmation candle on the pairs before taking any trade. Will wait and see what happens post-CPI release.
To add on to that, most USD pairs are having a small consolidation favoring bullish USD. I will be looking to long the dollar as a trend-continuation strategy if the resistance on DXY is broken. However, I would definitely wait on a string confirmation candle on the pairs before taking any trade. Will wait and see what happens post-CPI release.
Note
Update: The DXY failed to break above the resistance. Although we see a rejection from 72.780, it hasn't formed any bearish structure. I will await the release of the CPI later today
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