The DXY tested resistance level 105 twice last week before retracing back to the 104.40 level.
Anticipating for this week, the DXY is likely to retest and possibly breach the 105 resistance level.
Some news to pay attention to; US Retail Sales data to be released on Tuesday.
Expecting data to be released at 1.1% (increasing from previous month 0.5%) this could be one of the drivers to push DXY higher.
Other factors could also include the hawkish sentiment conveyed by the FOMC Chair Power, indicating that 50basis points increased is planned for the next 2 FOMC meetings.
Something to consider, will the FOMC consider a 75 basis point increase?
Anticipating for this week, the DXY is likely to retest and possibly breach the 105 resistance level.
Some news to pay attention to; US Retail Sales data to be released on Tuesday.
Expecting data to be released at 1.1% (increasing from previous month 0.5%) this could be one of the drivers to push DXY higher.
Other factors could also include the hawkish sentiment conveyed by the FOMC Chair Power, indicating that 50basis points increased is planned for the next 2 FOMC meetings.
Something to consider, will the FOMC consider a 75 basis point increase?
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