The index reverses course after bottoming out in the 101.40 region earlier on Friday.
The breakdown of the May low at 101.43 (May 27) should expose another pullback to the interim 55-day SMA at 101.47 ahead of the support line around 100.60, which is expected to offer decent contention. While above this area, further gains in the very near term in the dollar should remain well on the table.
The longer-term positive outlook for the index is seen constructive while above the 200-day SMA at 96.76.
The breakdown of the May low at 101.43 (May 27) should expose another pullback to the interim 55-day SMA at 101.47 ahead of the support line around 100.60, which is expected to offer decent contention. While above this area, further gains in the very near term in the dollar should remain well on the table.
The longer-term positive outlook for the index is seen constructive while above the 200-day SMA at 96.76.