USD came into the week with a full head of steam as price broke out to the 102.00 level on Monday. This was pushed by a strong move in USD/JPY testing 148 and EUR/USD testing 1.1100 - but then the Tuesday CPI report came out soft and that gave bulls reason to take profits on the USD.
That pullback ran vividly into early-Wednesday trade but at that point, support appeared at an important spot of prior resistance of 100.28, which was the neckline for the inverse head and shoulders pattern that led into last week's FOMC-fueled breakout.
That support has so far held and that keeps bulls in control of the trend on daily and four-hour charts. The key test now is a big batch of drivers for tomorrow morning with retail sales, PPI and a speech from FOMC Chair Jerome Powell.
At this point, EUR/USD retains bearish potential and USD/JPY bullish potential, which I'll touch on in a following post, and the door is open for Dollar bulls to make a move into the end of the week. On the other side of DXY, USD/CAD remains of interest as the pair has re-tested the psychological level of 1.4000. - js
That pullback ran vividly into early-Wednesday trade but at that point, support appeared at an important spot of prior resistance of 100.28, which was the neckline for the inverse head and shoulders pattern that led into last week's FOMC-fueled breakout.
That support has so far held and that keeps bulls in control of the trend on daily and four-hour charts. The key test now is a big batch of drivers for tomorrow morning with retail sales, PPI and a speech from FOMC Chair Jerome Powell.
At this point, EUR/USD retains bearish potential and USD/JPY bullish potential, which I'll touch on in a following post, and the door is open for Dollar bulls to make a move into the end of the week. On the other side of DXY, USD/CAD remains of interest as the pair has re-tested the psychological level of 1.4000. - js
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