sugardaddyFED

Dollar Rally Under Pressure

INDEX:DXY   U.S. Dollar Index
58 0 2
USD rally has retraced below 50% and currently forming a bearish wedge .

Fundamentals:
- USD bull continues as long as Fed hawkish commentary
- A good NFP will give USD a boost and warrant a long above 96.63
- A bad NFP will drive bulls out fast as it could affect June FOMC statement to be dovish

Technically:
- looking to retest minor support at 61.8% fib region of 94.83
- Beyond that the 76.8% at 94.18 but major support is the double bottom region of 93.08 and 93.45 levels.
- Break below then we will consider the daily and weekly Fib of the rally (91.81 as target which is 38.2%) of the larger rally
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