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Dollar is showing signs of weakness ahead of NFP, suggesting that data might either disappoint or Dollar might fail to break above its range and might succumb to testing the floor once more.
FXCM US Dollar index is currently trading at 12034.
- Current range of FXCM Dollar index stands as 12060 on the up side and 11980 area to the down side.
Signs of bearishness -
- Dollar index tried to pose breakout of the range yesterday over BOE minutes as pound slumped and Yen has broken above its resistance of 124.5 area this week.
- The tryout however failed yesterday with a bearish engulfing candle. This is a clear sign of weakness at key resistance, which is suggesting that possibility runs high that dollar might test the support area.
- To add to the bearishness, Dollar index has broken below recent interim trend line, as shown in the figure suggesting a break further is possible.
Euro and Pound might be the best currencies to go long against Dollar in the shorter term.
Euro is currently trading at 1.0934 and pound is trading at 1.5522 against Dollar.
