DXY Quite IndecisivePrice on TVC:DXY after having broken below the Swing Low on June 12th @ 97.602 has created a lot of Indecision!
Starting with a 5 Day Long Consolidation period as a Rectangle Pattern
Then after the Bearish Breakout on June 30th due to the Federal Reserve mentioning possibly leaning towards Interest Rate Cuts, we see the TVC:DXY form a Expanding Range
Now at the Swing Low and above all the Consolidation or Indecision, we see a Volume Imbalance in the 97.5 - 97.6 area.
Fundamentally, USD has been mostly beating expectations with:
- Manufacturing and Services PMI's showing Expansion
- Job Openings higher then expected
- Unemployment Claims Low
- Unemployment Rate dropping ( 4.1% )
- Factory Orders Rising
Non-Farm Employment however hurt USD with -33K instead of the 99K forecasted
With all the Tariff uncertainties and how they will affect Inflation continues to worry markets with only a few deals having been ironed out, like the 20% Tariff on Vietnam ( down from 46% ) before the July 9th Deadline.
www.tradingview.com
Now with good Employment News out with numbers showing Strong Job Reports, this eases labor fears and could help remove some of the expectations of the amount of Interest Rate cuts this year.
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