New Month Ahead-DXY Awaits Nonfarm Employment Change

Today the currency market has seen the DXY move slightly lower as for the last 16 hours it has been moving lower. It has opened up at 108.753 had a low of 108.511 and currently sits at 108.699. The daily chart near half period MACD seems to be in a bearish signal phase. Yesterday morning's US economic news showed bullish strength for the US dollar as both US CB Consumer Confidence and JOLTs Job Openings resulted in showing higher than expected and previous data, this edged the greenback higher. USDJPY had been down about 60 pips and had risen back up 50 pips fast, other non USD currencies saw similar moves, USDJPY has since moved lower.
From a 4 hour standpoint the main basket of currencies seem roughly flat. Perhaps you might see a little short on USDCAD for 40 pips or so but the RSI seems also neutral. Tomorrow holds ADP Nonfarm Employment Change (Jun) Forecast: 288K Previous: 128K, this will be a high volatility trading time, the results will steer the direction of the DXY at least for the short term. Bearish results may help push the daily bearish phase down fast, while bullish results can slow the decline. Also tomorrow's new trading day brings a new monthly candle which will also guide longer term outlooks on the DXY and other markets such as the S&P500 and NDX100 indexes.$USD Currency Index

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