At the moment, DXY is trading above the smaller falling trend line. Prices hit a low of 91.92 earlier this month, before the recovery was set in motion. At 94.40, DXY is well above 23.6% Fibo of 100.52-91.92 located at 93.95 levels.
US retail sales likely to rebound
Following last friday's upbeat wage growth figures release, expectations of a sharper rebound in advance retail sales gathered traction.
consequently, dollar is on the rise. However, a weaker rebound in retail sales could trigger a drop below daily low of 94.12. That would also mean a failure to sustain above falling trendline and would open doors for a fall back to 93.68-93.00 levels.
A daily close today above 94.36 would indicate short-term bearish invalidation.
US retail sales likely to rebound
Following last friday's upbeat wage growth figures release, expectations of a sharper rebound in advance retail sales gathered traction.
consequently, dollar is on the rise. However, a weaker rebound in retail sales could trigger a drop below daily low of 94.12. That would also mean a failure to sustain above falling trendline and would open doors for a fall back to 93.68-93.00 levels.
A daily close today above 94.36 would indicate short-term bearish invalidation.
