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Major support- 100
Major resistance- 102
DXY gained momentum despite dismal US Non-farm Payroll data. It hit a low of 100.58 and is currently trading around 101.08.
|
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
12:30 pm |
US |
Non-Farm Employment change |
142K |
164K |
114K |
|
12:30 pm |
US |
Unemployment rate |
4.2% |
4.2% |
4.3% |
|
12:30 pm |
US |
Average Hourly Earnings m/m |
0.40% |
0.30% |
0.30% |
According to the CME Fed watch tool, the probability of a 50 bpbs rate cut in Sep increased to 51% from 30% a week ago.
On the lower side, near-term support is around 100.60 and the violation below will drag the index down to 100/99.57/99/98. Significant resistance is around 101.20 and breach above targets 101.60/102/102.75/103.22. Overall bearish invalidation only above 104.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
It is good to sell on rallies around 101.20-25 with SL around 101.60 for TP of 100.
