FxWirePro: Dollar rally stalls with inverted hammer
Hammering the top, Dollar rally has come to halt and the green buck is under selling pressure since morning, as price actions formed an inverted hammer candle yesterday, which is significantly bearish. After six days of …
Dollar rally has come to halt and the green buck is under selling pressure since morning, as price actions formed an inverted hammer candle yesterday, which is significantly bearish.
After six days of consecutive gains, the dollar is down today. Similarly, the euro, which was down six consecutive days, showing considerable strength today.
The focus is now on the trend-line shown above. Expect big selloff in USD, should the trend line fail to support price.
However, the retail sentiment is still dollar positive as retail traders remain net short on USD against the pound, euro, and yen.
The upcoming data would be a key determinant of the next move in USD. Today, ADP employment report for the month of March would be released while the big event is scheduled for Friday when the U.S. non-farm payroll report would be released.
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